What formula represents Schedule Variance (SV)?

The formula for Schedule Variance (SV) is defined as the difference between the Budgeted Cost of Work Performed (BCWP) and the Budgeted Cost of Work Scheduled (BCWS). This calculation shows how much work was actually completed compared to what was planned at a specific point in the project schedule.

Using this approach, when you calculate SV, you are essentially evaluating project performance in terms of schedule. A positive SV indicates that more work has been accomplished than what was planned, suggesting that the project is ahead of schedule. Conversely, a negative SV indicates that less work has been completed than was scheduled, signaling a potential delay.

The formulation BCWP - BCWS captures this variance effectively, allowing project managers to analyze and take corrective actions as necessary to keep the project on track. This understanding of schedule performance is critical in project management, making it essential for project engineers and managers to grasp these concepts and formulas.