How is schedule variance (SV) calculated?

Schedule variance (SV) is a key performance indicator in project management that provides insight into how much of the scheduled work has actually been completed compared to what was planned. The calculation of SV specifically involves the evaluation of earned value against planned value.

Earned value (EV) represents the budgeted amount of work that has actually been completed at a specific point in time. In contrast, planned value (PV) reflects the budgeted amount for the work that was expected to be completed by that same time. The formula for schedule variance is:

SV = EV - PV

This equation allows project managers to quantify any discrepancies between what was planned and what has actually been achieved up to a given date. A positive schedule variance indicates that the project is ahead of schedule, while a negative variance suggests it is behind schedule.

The other options relate to different aspects of project management but do not pertain directly to the calculation of schedule variance. Resources used versus allocated is more about resource management, total project costs versus budget pertains to cost variance, and comparing actual time to estimated duration relates to schedule performance but not the specific calculation of SV. Understanding this distinction is crucial for effectively monitoring and controlling project schedules.