A project has completed its 11th week and has an actual cost (AC) of $280,000 so far. The workers believe they are about 60% of the way toward completion. There are fourteen more weeks to go. The...

A project has completed its 11th week and has an actual cost (AC) of $280,000 so far. The workers believe they are about 60% of the way toward completion. There are fourteen more weeks to go. The complete project’s estimated budget at completion (BAC) was originally estimated to be $358,000 with the costs distributed evenly and equally across each week of work.Compute the following values:i. Cost/spending varianceii. Schedule varianceIII. Cost Performance Index (CPI)iv. Schedule Performance Index (SPI)v. Estimated Remaining Cost to Completion (ETC)vi. Estimated Total Project Cost at Completion (EAC)How would you explain what these figures indicate to your CEO, who is not familiar with project management principles or these earned value calculations? Should your CEO be happy with the performance of this project? Why or why not?