Earned value analysis compares planned value, earned value, and actual cost to evaluate schedule and cost performance. In this question, the planned value is $1,000,000, while the earned value is only $700,000. Since earned value is less than planned value, the project has completed less budgeted work than planned for the measurement point. That indicates a negative schedule variance, meaning the project is behind schedule. Whether the project is over or under budget cannot be determined because actual cost is not provided. A project is ahead of schedule only when earned value is greater than planned value. Because $700,000 is less than $1,000,000, the correct conclusion is that the project is behind schedule.

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