Given the situation where the project manager has spent $80,000 to complete only two actions in three days, it is clear that both the budget and schedule are not on track as planned. The cost performance index (CPI) and schedule performance index (SPI) are both less than 1.0, indicating that the project is over budget and behind schedule. The CPI is calculated as the earned value (EV) divided by the actual cost (AC), and the SPI is the EV divided by the planned value (PV). In this case, the EV is lower than expected because fewer actions have been completed than planned, and the AC is higher than the EV, leading to a CPI of less than 1.0. Similarly, the SPI is less than 1.0 because the project is behind schedule. Therefore, the project manager should reevaluate and prioritize the remaining actions to maximize the use of the remaining budget and time. This may involve identifying which of the remaining actions are most critical to the project's objectives and finding ways to complete them within the constraints or seeking additional resources or time if necessary.
References: PMBOK Guide and standards foundational documents; Professional in Business Analysis (PMI-PBA) reference materials123.