Schedule Variance (SV) is a measure of schedule performance expressed as the difference between the earned value and the planned value.
It indicates how far ahead or behind the project is compared to the approved schedule baseline, based on value of work performed versus work planned.
Key Characteristics
- Variance-Based Metric – Quantifies schedule deviation in monetary terms
- SV = 0 – On schedule; SV < 0 – Behind schedule; SV > 0 – Ahead of schedule
- Used in EVM Analysis – Complements SPI and cost metrics
- Applicable to Time-Based Performance – Does not measure actual time or days
Example Scenarios
- An SV of –25,000 less work than planned
- A positive SV shows earned value exceeds planned value at a given point
- Regular SV analysis supports trend tracking and schedule control
Formula
Where:
- EV = Earned Value
- PV = Planned Value
Role in Project Monitoring and Control
- Quantifies Progress Gaps – Measures work shortfall or advancement
- Supports Decision-Making – Informs corrective actions and recovery strategies
- Feeds Forecasting Models – Helps refine estimates to complete and finish
- Enhances Stakeholder Reporting – Provides simple, impactful performance insight
See also: Cost Variance (CV), Schedule Performance Index (SPI), Earned Value (EV), Planned Value (PV), Schedule Forecasts.