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Question:

How is the project presenting in terms of the budget?

A It is under the planned cost.
Explaination

To determine performance against the budget, you must first calculate variance at completion. To calculate variance at completion, subtract the estimate at completion from the budget at completion (BAC – EAC): $550,000 – $525,000 = $25,000. A positive VAC means that the project is performing under the planned costs.