Calculating Earned Value

Question 1. Explain briefly the Project Management concept of Earned Value.

Question 2.
Below, you can see the work and budget planned for a project that started six months ago.
Calculate the following elements using the Earned Value formulas.
In addition to the numeric answer provide a brief explanation for the concepts 5, 6, 7, 8,9,10,11,12

Month 1    Month 2    Month 3    Month 4    Month 5    Month 6    Month 7    Month 8    Month 9    Month 10    Total
Work planned    5%    5%    10%    10%    10%    15%    15%    15%    10%    5%    100%
Budget Planned     50,000      50,000      100,000      100,000      100,000      150,000      150,000      150,000      100,000      50,000      1,000,000

Six months after inception you have achieved 40% of the project $700,000

1    AC
2    BAC
3    PV
4    EV
5    CV
6    SV
7    CPI
8    SPI
9    EAC
10    ETC
11    TCPI based on BAC
12    TCPI based on EAC

Question 3.
What can you do to incorporate your findings to a change management system ?

Question 4
What is the importance of the