Schedule Variance (SV)
Schedule variance is a measure of schedule performance on a project. It is the algebraic difference between the earned value (EV) and the planned value (PV). SV = EV - PV. It helps determine if the project is ahead of schedule (SV > 0) or behind schedule (SV < 0). A positive schedule variance means that the project is ahead of its schedule, while a negative variance indicates a delay in the project.
Full guide on Schedule Variance (SV)
What is Schedule Variance (SV)?
Schedule Variance, or SV, is a measure used in project management to assess the time efficiency of a project. It is calculated by subtracting the planned value (PV) from the earned value (EV). A positive SV indicates that the project is ahead of schedule, while a negative value signifies that the project is lagging behind schedule.
Why is SV Important?
SV is important because it helps project managers to identify problems early and to adjust workflows or resources to keep the project on track. It provides an insight into the project's performance in relation to the planned schedule and can highlight areas that require attention.
How Does SV Work?
SV works by comparing what value was planned to have been earned at a certain point in the project, against the actual value that is earned. This variance, if any, becomes the Schedule Variance.
Exam Tips: Answering Questions on Schedule Variance (SV)
For exam questions on SV, it's essential to know how to calculate SV - SV = EV - PV. Always remember that a positive SV indicates that the project is ahead of schedule and a negative SV indicates that it's behind schedule. Don't skip any steps in your workings, show clearly how you arrived at your answer. Also, understanding the practical application of SV will help in case studies and scenarios where you need to interpret SV values.
Go Premium
Certified Associate in Project Management Preparation Package (2024)
- Earn 15 PDUs needed for your CAPM certification
- 4454 Superior-grade Certified Associate in Project Management practice questions.
- Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
- Unlock Effortless CAPM preparation: 5 full exams.
- 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
- Bonus: If you upgrade now you get upgraded access to all courses
- Risk-Free Decision: Start with a 7-day free trial - get premium features at no cost!