In project management, what does the term "schedule variance" refer to?

Schedule variance refers to the difference between the planned progress of a project and the actual progress that has been achieved at a specific point in time. It is a critical measure in project management as it helps project managers assess how well the project is adhering to its planned schedule.

When calculating schedule variance, the formula used is:

Schedule Variance (SV) = Earned Value (EV) - Planned Value (PV)

This calculation provides insight into whether the project is ahead, on schedule, or behind schedule. A positive schedule variance indicates that the project is ahead of schedule, while a negative variance suggests that it is lagging behind. By using this measure, project managers can make informed decisions about resource allocation and corrective actions if necessary.

Understanding schedule variance is crucial for effective project monitoring and control, allowing managers to take the necessary steps to keep the project on track. This concept is pivotal in the field of project management, emphasizing the importance of aligning actual performance with established timelines.