While preparing an earned value analysis (EVA) for the sponsor, the project manager provided this information in the latest project report:
Approved Work Package Cost Estimates: US$9,500
Contingency reserves: $500 %
Management reserves: 10% of contingency reserves
Percent complete of the project: 50%
Planned percent of the project: 40%
Actual costs of the project: US$4,500
What is accurate about the project status?