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.