Guide to Schedule Variance
Schedule Variance, as stated in the PMBOK Guide Seventh edition, is a crucial concept in project management.
Why is it important?
Schedule Variance (SV) is used to determine the variance in the schedule in comparison to the project's planned schedule, making it an essential tool in the tracking and control phase of a project. It allows the project manager to identify potential delays in advance and initiate corrective measures.
What is it?
Schedule Variance (SV) = Earned Value (EV) - Planned Value (PV). If SV is negative, it means that the project is behind schedule. Conversely, a positive SV implies the project is ahead.
How it works?
Consider an example where EV is $4000, and PV is $3500. The SV would be $500, indicating that the project is ahead of schedule.
Exam Tips: Answering Questions on Schedule Variance
1. Understand the formula SV = EV - PV thoroughly.
2. Pay close attention to the values given in the problem; the accuracy of your answers depends on it.
3. The sign of SV can answer if a project is ahead or behind schedule.
4. Practice problems involving SV calculation to strengthen your understanding of the concept.
These tips will be invaluable when answering Schedule Variance questions on your PMP exam.
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Schedule Variance practice test
Schedule Variance (SV) is a performance metric used to evaluate the difference between the planned and actual project schedule. 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, and a negative SV indicates that the project is behind schedule. Schedule variance provides project managers with an insight into whether the project is progressing as planned or requires adjustments. Monitoring and controlling schedule variance helps in making critical decisions concerning resource allocation, project scope, and timeline adjustments.
Time: 5 minutes Questions: 5
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Project Management Professional Preparation Package (2024)
- Earn 35 PDUs needed for your PMP certification
- 12955 Superior-grade Project Management Professional practice questions.
- Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
- Unlock Effortless PMP 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!