Operations
Project cost variance (PCV)
Helps managers answer: To what extent are our projects delivered on budget?
Read article
keymodelsAll comparisons
Compare
Project cost variance (PCV) vs Project schedule variance (PSV)
These models cover closely related ground. Compare their purpose, scope, practical guidance, and supporting resources to choose the better fit.
Related modelsFinanceFinanceFramework / model
Operations
Project schedule variance (PSV)
Helps managers answer: To what extent are our projects delivered on schedule?
Read articleChoice logic
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.
Read next
Open the full model articles.
Each comparison links back to the full articles so you can inspect examples, steps, caveats, and related templates before choosing.
Application bridge
Related templates.
Audit PlanAudit Plan Purpose. Use this plan to define how the programme will commission, support, receive and follow up internal and external audits. It should help the organisation test whether programme management is effective, benefits are being delivered in line with the benefits-realisation plan, and execution remains consistent with the programme management plan. Application. Audits may examine financKnowledge TransitionKnowledge Transition Purpose. Use this report to assess programme performance and transfer lessons, operating knowledge and improvement recommendations to the team, receiving organisations and the wider organisation. Begin it early, update it after lessons-learned reviews and component transitions, and complete it during programme closure. Application. Prepare the report from the knowledge managemProgram Financial PlanProgram Financial Plan Purpose. Use this plan to translate the programme financial framework into an operating approach for estimating, budgeting, receiving, spending, monitoring and closing programme funds. It should connect funding schedules and milestones, the approved budget baseline, contract payments, reporting mechanisms and financial measures. Application. Develop the plan early and refineProgram Performance ReportProgram Performance Report Purpose. Use this report to give stakeholders a high-level, integrated view of programme performance for a defined reporting period. It consolidates business-case currency, benefit and deliverable progress, schedule and financial position, changes, issues, risks, resources, escalations, earned-value measures and near-term accomplishments. Application. Distribute the repo