A project in its 26th week has an actual cost of $270,000. It was scheduled to have spent $261,000. For the work performed to date, the budgeted value is $272,000. What are the cost and schedule variances for the project? What are the SPI and CPI?

Cost variance = $2000

Schedule variance = $11,000

CPI = 1.0074

SPI = 1.0421

Explanation:

Given that

Earned value = 272000

Actual cost = 270000

Planned cost = 261000

Recall that

Cost variance = EV - AC

= 272000 - 270000

= $2000

Recall again that

Schedule variance = EV - PV

= 272000 - 261000

= $11,000

Again, CPI which is cost performance index

= EV/AC

= 272000/270000

= 1.0074

Lastly, SPI which is schedule performance index

= EV/PV

= 272000/261000

= 1.0421

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