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8. You are managing a project with a total budget of $600,000. According to the schedule,...

8. You are managing a project with a total budget of $600,000. According to the schedule, your team should have completed 50% of the work by now. But at the latest status meeting, the team reported that 55% of the work has actually been completed. The team has spent $360,000 so far on the project. How would you BEST describe this project?

a. The project is ahead of schedule and within its budget

b. The project is behind schedule and within its budget

c. The project is ahead of schedule and over its budget

d. The project is behind schedule and over its budget

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Answer #1

c. The project is ahead of schedule and over its budget

As per the schedule of the project, the project is ahead of the schedule although behind the budget.

Budget status = 0.55*600000

= $330000

Hence the project is over budget

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