# What is schedule variance?

**Schedule variance**is an indicator of whether a project

**schedule**is ahead or behind and is typically used within Earned Value Management (EVM).

**Schedule Variance**can be calculated by subtracting the Budgeted Cost of Work

**Scheduled**(BCWS) from the Budgeted Cost of Work Performed (BCWP).

Similarly, what is schedule variance and cost variance?

**Cost variance** shows deviation of spent **cost** and the expected **cost**. **Schedule variance** shows the deviation in time consumed and the estimated time. **Cost variance** is the difference of earned value and actual **cost**. **Schedule variance** is the difference of earned value and planned value. CV = EV - AC.

Similarly, what does it mean if schedule variance is negative? A positive **schedule variance means** the project is ahead of **schedule**, while a **negative schedule variance means** that a project is behind **schedule**. A value of zero indicates that a project is going as planned and on **schedule**. Let's see these formulas in action.

Similarly, what is variance cost?

A **cost variance** is the difference between the **cost** actually incurred and the budgeted or planned amount of **cost** that should have been incurred. These **variances** form a standard part of many management reporting systems.

What is cost variance in project management?

It is a process of evaluating the financial performance of your **project**. **Cost variance** compares your budget set before the **project** started and what was actually spent. This is calculated by finding the difference between BCWP (Budgeted **Cost** of Work Performed) and ACWP (Actual **Cost** of Work Performed).