The basic metrics used in EVM
Once you have viewed the video, click here to try this easy question:
The Schedule Variance (SV) is:
A) The deviation from an approved schedule in terms of time (days, weeks…).
B) The measure, in terms of the original cost estimates, of whether the project is ahead or behind schedule.
C) EV – AC, it measures the current cost deviation.
D) …hmmm let me go back and review the video again… 😉
Do you think you know the answer? Check it here:
The right answer of course is: B.
The Schedule Variance is calculated:
SV = EV-PV
and it is a measure of how close we are to our planned schedule.
EV (planned cost for the work really done) vs.
PV (planned cost for the work we planned to do)…
… so the difference between these two numbers compares how much work we have really done, to how much we had planned to do…
How about CV? 😉
Great! It is time to move on to your next assignment!