The $75,000 project is 80% complete and has a cost variance of ($12,000). Option A The project is over budget is most accurate.
cost variance that is negative indicates that the project is currently over budget. Although the project is currently over budget, this does not necessarily imply that it will not meet its objectives, as corrective actions may be pursued. The cost variance is the difference between what you budget for a project and what you actually spend on it. The difference between the Budgeted Cost of Work Performed (BCWP) and the Actual Cost of Work Performed (ACWP) is the technical definition (ACWP)
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The complete question is:
The $75,000 project is 80% complete and has a cost variance of ($12,000). Which statement is most accurate?
A The project is over budget
B. The project is behind schedule
C. The project is under budget
D. The project will not meet the project budget objectives
