Operations
Project cost variance (PCV)
Helps managers answer: To what extent are our projects delivered on budget?
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Project cost variance (PCV) vs Project schedule variance (PSV)
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Operations
Project schedule variance (PSV)
Helps managers answer: To what extent are our projects delivered on schedule?
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Use this when.
Answer the key performance question: “To what extent are our projects delivered on budget?”
Answer the key performance question: “To what extent are our projects delivered on schedule?”
Extracted signals
Strengths, limits, and pitfalls.
Project cost variance (PCV)
- A ratio can make differently sized projects easier to compare. Under the article’s convention, PCPI relates scheduled cost to actual cost: below 1 indicates over budget performance and above 1 indicates spending below plan. Define the convention prominently because standard earned value practice uses different names and inputs.
Watch for
- Do not wait until completion. For long projects, calculate variance and forecast at meaningful milestones, preserve authorised baseline changes and interpret cost together with schedule, delivered scope and quality. A project can appear under budget simply because work is late or missing.
Project schedule variance (PSV)
- A time ratio can support comparison: PSPI = SCT / ACT. Under this convention, a value below 1 means the project took longer than planned and a value above 1 means it finished faster. Label it clearly because the standard earned value schedule performance index uses earned value and planned value instead.
Watch for
- Do not manage schedule from one aggregate variance. Review critical path movement, milestone reliability, dependencies, authorised scope changes, budget and quality. Time gained on a non critical activity does not necessarily offset delay to a benefit critical milestone.
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