You are managing the Kitchens Plus' latest project which are developing an automatic dicer with unique industry features. The budget for this project is $95,000. The project has a planned value of $70,200, an earned value of $59,000, and an actual cost of $65,500, based on the latest data. According to the schedule and budget, what is the project's status?

To answer this question, you will need to calculate the cumulative SPI and CPI using all of the provided values.
-Calculating SPI:
The formula for calculating SPI is:
SPI = EV ÷ PV.
Plug in the provided values, we have: ($59,000 / $70,200) = 0.84.
=> 0.84 < 1.0 => The project is behind schedule.
- Calculate CPI:
The formula for calculating CPI is:
CPI = EV ÷ AC.
Plug in the provided values, we have: ($59,000 / $64,500) = 0.91.
=> 0.1 < 1 => The project is over budget.
Therefore, the project is behind schedule and over budget.