The degree of schedule variance reveals whether a project is on or off schedule. To give project managers a status update at the moment of analysis, it is often utilised inside earned value management (EVM).
BCWP-BCWS = SV
What is schedule variance?
- Whether a project is on or off schedule may be determined by the magnitude of schedule variation. It is frequently used in earned value management to provide project managers with a status update at the time of analysis (EVM).
- A project that took longer than expected to complete—four months instead of the three months it was supposed to—would be an example of an SV. The project's timeline was off by one month. The real timetable is longer than the anticipated timeline, making this SV undesirable.
- Project managers may identify whether a project is ahead of time or behind plan and by how much by using schedule variance, which is a component of Earned Value Management. To calculate SV, divide the earned value (EV) by the projected value (PV) of your project: SV = EV - PV.
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