Problem
Earned Value Analysis (EVA) is a method that allows the project manager to measure the amount of work actually performed on a project beyond the basic review of cost and schedule reports. EVA provides a method that permits the project to be measured by progress achieved. The project manager is then able, using the progress measured, to forecast a project's total cost and date of completion, based on trend analysis or application of the project's "burn rate". This method relies on a key measure known as the project's earned value.
Task (Show your thoughts and feel free to lookup concepts)
You are the project manager on a project that has $800,000 software development effort. There are two teams of programmers that will work for six month for a total of 10,000 hours. According to the project schedule your team should be done with 38% of the work. As of today, the project is 40% complete while 50% budget has been used. Calculate and share your conclusion.