Schedule Variance (SV) is a measure of the difference between the planned and actual duration of a project. It is used to assess the performance of a project in terms of time management. SV is calculated by subtracting the planned duration from the actual duration, and then dividing this result by the planned duration.
The formula for calculating SV is as follows: SV = (Actual Duration - Planned Duration) / Planned Duration. For example, if a project was planned to take 10 days but actually took 12 days, then the SV would be 20%. This means that the project was 20% behind schedule.
Schedule Variance is an important metric for assessing the performance of a project in terms of time management. It can help identify potential problems early on and allow for corrective action to be taken before they become too costly or difficult to fix. Additionally, it can provide valuable insight into how well resources are being managed and allocated.