After a status meeting the project is under budget, quality checks are positive, and the schedule variance is negative. How should the project manager qualify the project's status?

A negative schedule variance (SV) indicates that the project is behind schedule. Schedule Variance is calculated as Earned Value (EV) minus Planned Value (PV). If EV < PV, then SV is negative, meaning less work has been completed than planned by this point. While being under budget and having positive quality checks are favorable, the negative schedule variance directly addresses the schedule status. "Ahead of schedule" would be indicated by a positive SV, and "on schedule" by an SV of zero. "Stopped" is incorrect as there's no information to suggest the project has ceased.