How To Calculate Schedule Variance

Schedule Variance Formula:

\[ SV = EV - PV \]

Schedule Variance (SV):

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1. What Is Schedule Variance?

Schedule Variance (SV) is a key metric in project management that measures the difference between the earned value (EV) and the planned value (PV) of work completed at a specific point in time. It indicates whether a project is ahead of or behind schedule.

2. How Does The Calculator Work?

The calculator uses the Schedule Variance formula:

\[ SV = EV - PV \]

Where:

\( EV \) — Earned Value: The value of work actually completed
\( PV \) — Planned Value: The value of work planned to be completed

Interpretation:

Positive SV: Project is ahead of schedule
Zero SV: Project is on schedule
Negative SV: Project is behind schedule

3. Importance Of Schedule Variance Calculation

Details: Schedule Variance is crucial for project managers to track project performance, identify schedule deviations early, make informed decisions about resource allocation, and take corrective actions to keep projects on track.

4. Using The Calculator

Tips: Enter both Earned Value and Planned Value in the same currency units. Values must be non-negative numbers. The calculator will compute the difference between these values to determine the schedule variance.

5. Frequently Asked Questions (FAQ)

Q1: What's the difference between Schedule Variance and Cost Variance?
A: Schedule Variance (SV) measures schedule performance (EV - PV), while Cost Variance (CV) measures cost performance (EV - AC, where AC is Actual Cost).

Q2: Can Schedule Variance be positive and Cost Variance negative?
A: Yes, this indicates a project is ahead of schedule but over budget, which is a common scenario when rushing work.

Q3: How often should Schedule Variance be calculated?
A: Typically calculated at regular reporting intervals (weekly, monthly) or at major project milestones to track performance trends.

Q4: What are the limitations of Schedule Variance?
A: SV doesn't indicate the root cause of variances, doesn't measure quality, and may be misleading if the original plan was unrealistic.

Q5: How is Schedule Variance different from Schedule Performance Index (SPI)?
A: SV is an absolute measure in currency units, while SPI (EV/PV) is a relative measure that indicates efficiency (values >1.0 indicate better than planned performance).