Schedule Variance (SV)
Schedule Variance (SV) is a fundamental concept in Earned Value Management (EVM) that quantifies the difference between the amount of work actually completed by a certain point in time and the amount of work planned to be completed. It is an essential indicator of schedule performance, calculated using the formula **SV = EV - PV**, where **EV** represents Earned Value and **PV** represents Planned Value. Earned Value (EV) is the budgeted cost of work that has actually been completed, while Planned Value (PV) is the budgeted cost of work that was scheduled to be completed up to that point. A positive SV indicates that the project is ahead of schedule, meaning more work has been completed than planned, which could imply higher efficiency or faster progress. Conversely, a negative SV signifies that the project is behind schedule, indicating delays and potential scheduling issues that need to be addressed promptly to avoid further slippage. SV is crucial for project managers as it provides an early warning signal of schedule deviations, allowing for timely corrective actions such as reallocating resources, adjusting project tasks, or revising schedules. SV is particularly important in projects with tight deadlines or those that are schedule-driven, where timely completion is critical. Regular monitoring of SV helps in maintaining control over the project schedule and ensures that the project stays aligned with its planned timeline. However, it's important to note that SV should not be considered in isolation. It should be analyzed in conjunction with other EVM metrics like Cost Variance (CV) and Schedule Performance Index (SPI) to provide a comprehensive view of project performance. Additionally, understanding the root causes of schedule variance is essential for implementing effective corrective measures and improving future project planning and execution.
Schedule Variance (SV) Guide: Importance, Calculation, and Exam Tips
What is Schedule Variance (SV)?
Schedule Variance (SV) is a key metric in Earned Value Management (EVM) that measures project performance related to time. It quantifies the difference between the work you've actually completed (Earned Value) and the work you planned to complete by this point (Planned Value).
The formula for SV is: SV = EV - PV
Where:
• EV (Earned Value) = The value of work actually completed
• PV (Planned Value) = The value of work scheduled to be completed
Why Schedule Variance is Important
SV provides critical insights that help project managers:
• Identify schedule slippages early before they become major problems
• Make data-driven decisions about project timelines
• Communicate project status to stakeholders objectively
• Forecast future performance trends
• Compare performance across multiple projects using standardized metrics
How Schedule Variance Works
SV tells you if your project is ahead or behind schedule in monetary terms:
• Positive SV (SV > 0): The project is ahead of schedule. You've completed more work than planned at this point.
• Negative SV (SV < 0): The project is behind schedule. You've completed less work than planned.
• Zero SV (SV = 0): The project is exactly on schedule.
For example, if your SV = -$10,000, it means your project has completed $10,000 less work than planned, indicating you're behind schedule.
Schedule Variance Percentage
SV can also be expressed as a percentage: SV% = (SV ÷ PV) × 100%
This normalizes the variance, making it easier to understand the magnitude of schedule deviation relative to the planned work.
Limitations of Schedule Variance
• SV is measured in currency, not time units
• At project completion, SV will always equal zero (even if the project finished late)
• It may not accurately reflect critical path delays
• It should be used alongside Schedule Performance Index (SPI) for a complete picture
Exam Tips: Answering Questions on Schedule Variance (SV)
1. Know the formula by heart: SV = EV - PV. Many exam questions will ask you to calculate SV given EV and PV values.
2. Interpret results correctly: Remember that positive SV is good (ahead of schedule), negative SV is bad (behind schedule).
3. Understand the units: SV is expressed in currency units (dollars, euros, etc.), not time units.
4. Link to other EVM metrics: Be prepared to explain how SV relates to SPI, CV, CPI, and other EVM metrics.
5. Apply to scenarios: Practice applying SV calculations to various project scenarios. Exams often present case-based questions.
6. Recognize corrective actions: Be able to recommend appropriate corrective actions based on SV results.
7. Consider with other factors: Understand that SV should be considered alongside other project factors for a complete analysis.
8. Watch for calculation traps: Double-check your math and be careful about positive/negative signs.
9. Know the limitations: Understand when SV might not provide the most accurate picture of schedule performance.
10. Practice with past exams: Complete practice questions focusing on EVM calculations to build confidence.
Go Premium
PMI Scheduling Professional Preparation Package (2025)
- 3429 Superior-grade PMI Scheduling Professional practice questions.
- Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
- Unlock Effortless PMI-SP 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!