A specification was changed early in your project, causing you to overspend a bit in the first half. Your boss wants to know what the forecast costs will be at its completion. How should you proceed?Select an answer:Assume the project will underspend and be late in the second half.Assume the project will have the same amount of overspending and lateness in the second half.The overall costs will be increased unless the specification is reduced in another part of the project.Assume the project will be over budget and deliver early.

The best way to proceed in this situation would be to assume the project will have the same amount of overspending and lateness in the second half. This is based on the concept of Earned Value Management (EVM), which is a project management technique for measuring project performance and progress in an objective manner.

Here are the steps you should follow:

1. Calculate the Cost Performance Index (CPI): This is the ratio of earned value (EV) to actual cost (AC). If the CPI is less than 1, it means the project is over budget.

2. Calculate the Estimate at Completion (EAC): This is a forecast of what the total project cost will be at the end of the project. It can be calculated using the formula EAC = BAC / CPI, where BAC is the Budget at Completion.

3. Communicate the EAC to your boss: This will give your boss an idea of what the forecast costs will be at the completion of the project.

4. Develop a plan to manage the overspending: This could involve reducing costs in other areas of the project, increasing the project budget, or negotiating changes to the project scope.

Remember, it's important to communicate openly and honestly with your boss about the situation and your plan to address it.