Final answer:
With an ACWP of $39,200 and a BCWP of $38,100, a CPI of 0.97 indicates the project is over budget, meaning option c is correct.
Step-by-step explanation:
If the Actual Cost of Work Performed (ACWP) at the end of the second week for project C is $39,200 and the Budgeted Cost of Work Performed (BCWP) is $38,100, these figures can be used to determine the project's cost performance. To assess whether the project is over or under budget, we calculate the Cost Performance Index (CPI) by dividing BCWP by ACWP. In this case, a CPI of 1.03 would indicate that the project is under budget, since the BCWP exceeds the ACWP when adjusted for the CPI. Conversely, with a CPI of 0.97, the project is over budget because the ACWP exceeds the BCWP when factoring in the CPI. Therefore, the correct answer to what these figures indicate is: c. With a CPI of 0.97, the project is over budget.