As this project was Franklin Electronics' first attempt at using EVM, it is plausible that the planning phase was not successful executed, which suggests that the planned costs and schedules are not precise. The simple fact that only four of forty-five work packages were to be completed in the first four months should have raised questions about the ability to complete more work over time, raising concerns about the possibility of 'a delay. Schedule and cost variances were identified during 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), and a cost variance is determined by subtracting the actual cost (AC) from the EV (Usmani, 2016). Given the equations for cost and schedule variances, these variances can be identified by a dollar amount or a percentage. Using both equations, a negative result indicates either over budget or behind schedule (Usmani,