Learning Goal: I’m working on a management writing question and need an explanation and answer to help me learn.You are a project manager for a construction project budgeted at $750,000. As of today, the project should be 45% completed but after reviewing the status of the scheduled tasks involved in the project it is evident that only 25% of the work has been completed. The team has spent $200,000 thus far. Answer the following questions: 1. Describe the formula for each equation and provide the answerDetermine Earned Value (EV)Determine Planned Value (PV)Determine Cost Performance Index (CPI)Determine Schedule Performance Index (SPI)Cost Variance (CV)Schedule Variance (SV)2. What does this data tell you? Assignment GuidelinesThe assignment is to answer the question provided above in essay form.Where applicable students can include diagrams if it will help provide a pictorial view of the solution.This is to be in narrative form and should be as thorough as possible.Bullet points should not be used.The paper should be at least 1.5 – 2 pages in length.Times New Roman 12-pt font, double-spaced, 1-inch marginsUtilizing at least one outside scholarly or professional source related to project management. The textbook should also be utilized.Do not insert excess line spacing.APA formatting and citation should be used.