• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Project Management Knowledge

Simply explained by a PMI-certified Project Manager

  • Home
  • Acronyms and Abbreviations
  • Definitions
  • About the Author
  • Deutsch
  • Show Search
Hide Search
You are here: Home / Definitions / S / Scheduled Variance

Scheduled Variance

Schedule variance is a quantitative measure used by project management personnel to determine schedule performance during or after the completion of a project. It is calculated using a simple algebraic equation where the earned value (EV) represents the actual amount of time taken to either complete the project or progress to the project’s current stage. The planned value (PV) represents the amount of time which reaching the project’s current progress should have taken to achieve according to the project management’s schedule. Schedule variance (SV) is found by subtracting PV from EV. EV-PV=SV
Schedule variance and its exact number may indicate many possible things to project management. A number approaching zero would indicate that the scheduling and timeframes generated by project management were accurate within a small margin of error. A figure that is well into negative numbers would mean that either project management over estimated the amount of time needed or they overestimated the budget and workforce measured in raw man hours that would necessary to complete the project. This is not a good thing either as it represents an unnecessary expenditure of resources. A schedule variance figure high in positive numbers could represent many things. It could indicate that project management underestimated the amount of time needed to complete the project, or it might indicate that the budget and workforce was insufficient. It could also mean that project management or the workforce suffered setbacks, foreseen or otherwise, which may or may not have been avoidable.

This term is defined in the 3rd edition of the PMBOK but not in the 4th.

Related Articles:

 
  • Acceptance – Definition Acceptance is the noun form of the previously defined verb “accept“. It represents the state of being in which one...
  •  
  • PMBOK, 4th edition The PMI has released the 4th edition of the Project Management Body of Knowledge, and while the members only-PDF cannot...
  •  
  • Cost-Reimbursable Contract A cost-reimbursable contract is a variant of a contract that involves making a payment from the buyer to the seller...
  •  
  • Variance Analysis Within the realm of project management, the concept of variance analysis is a central one. Variance analysis is the means...
  •  
  • Verification Verification is a quality assurance process or technique applied by Project Management whereby an evaluation of a component, product or...
  • Primary Sidebar

    Articles

    • November 2023
    • September 2023
    • August 2023
    • July 2023
    • June 2023
    • May 2023
    • April 2023
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • August 2021
    • September 2020
    • October 2019
    • October 2018
    • April 2017
    • June 2016
    • April 2016
    • November 2015
    • April 2013
    • March 2013
    • May 2011
    • April 2011
    • March 2011
    • February 2011
    • January 2011
    • December 2010
    • November 2010
    • October 2010
    • September 2010
    • August 2010
    • July 2010
    • March 2010
    • January 2010
    • October 2009
    • August 2009
    • June 2009
    • April 2009
    • March 2009
    • February 2009
    • January 2009
    • December 2008
    • November 2008
    • October 2008
    • September 2008
    • August 2008
    • July 2008
    • June 2008
    • January 2008

    Dear Visitor,

    I am a certified project manager (PMP) - Please let me know if you have any questions about project management that are not explained on this site!

    Best Regards,

    Tom

    Copyright © 2023

    • Privacy Policy