Schedule Variance in Project Management

Schedule Variance (SV) is a key performance indicator (KPI) in Project Management. It is a quantitative measure of the variation or difference between the scheduled performance and the actual performance of a project.

SV helps project managers monitor the progress of the project against its planned schedule. A positive Schedule Variance indicates that the project is ahead of schedule, while a negative Schedule Variance indicates that the project is behind schedule.

Calculation of Schedule Variance

Schedule Variance is calculated by subtracting the Planned Value (PV) of the work from the Earned Value (EV) of the work that has been done.

Here is the formula for calculating SV:

Schedule Variance (SV) = Earned Value (EV) - Planned Value (PV)

In this formula:

• Earned Value (EV) is the value of the work actually performed against the original budget. In other words, it is what the completed work is worth.
• Planned Value (PV) is the estimated cost for the activities planned to be completed by a particular time.

By calculating and tracking Schedule Variance, project managers can identify schedule-related issues early and take corrective actions as necessary to ensure the project stays on track. This proactive management approach can significantly increase the likelihood of project success.