As this project was Franklin Electronics' first attempt at using EVM, it is plausible that the planning phase was not performed properly, suggesting that estimated costs and times are not accurate. The mere fact that only four of the forty-five work packages were scheduled to be completed in the first four months should have raised doubts about the ability to complete more work as time went on, creating concern about the possibility of falling behind schedule. Schedule and cost variances were identified in the second and third month reporting periods, increasing in value as the project progressed. A schedule variance is calculated by subtracting the planned value (PV) from the earned value (EV), while a cost variance is determined by subtracting the actual cost (AC) from the EV (Usmani, 2016). Given the equations for cost and schedule variances, you can identify these variances by a dollar amount or percentage. Using both equations, a negative result indicates going over budget or behind schedule (Usmani,