You are reporting the following Earned Value Analysis information for the project:EV= $1,500,000AC=$1.

The problem provides key metrics used in Earned Value Management (EVM):

Earned Value (EV):$1,500,000

Actual Cost (AC):$1,000,000

Planned Value (PV):$2,000,000

Key Points:

Schedule Performance Index (SPI):

SPI = EV / PV = $1,500,000 / $2,000,000 = 0.75

An SPI less than 1 indicates the project isbehind schedule.

Cost Performance Index (CPI):

CPI = EV / AC = $1,500,000 / $1,000,000 = 1.5

A CPI greater than 1 indicates the project isunder budget.

Conclusion:The correct answer isC. Project is behind schedule, but under budgetbecause the SPI indicates a delay in schedule, and the CPI shows that the project is currently spending less than planned.