Schedule Variance (SV)

Schedule variance indicates how much ahead or behind schedule the project is. It may be calculated as follows:

Schedule variance (SV) = Earned value (EV) – Planned value (PV)
or
Schedule variance (SV) = BCWP – BCWS

The formula mentioned above gives the variance in terms of cost which will indicate how much cost of the work is yet to be completed as per schedule or how much cost of work has been completed over and above the scheduled cost. Positive schedule variance indicates project work being ahead of schedule and negative schedule variance indicates work being behind the schedule (see Fig. 9).

B-1.7.1 Schedule Variance Percent (SV Percent)

It indicates how much ahead or behind schedule the project is in terms of percentage. It can be calculated as follows:
SV percent =Schedule variance (SV) Earned value (EV)
or
SV percent =SV / BCWP

The formula mentioned above gives the variance in terms of percentage which indicates how much percentage of work is yet to be completed as per schedule or how much percentage of work has been completed over and above the scheduled cost. Positive variance percent indicates percent ahead of schedule and negative variance percent indicates percent behind
of schedule.

B-1.8 Schedule Performance Indicator (SPI)

Schedule performance indicator is an index showing the efficiency of the time utilized on the project. Schedule performance indicator can be calculated using the following formula:

SPI =Earned value (EV) / Planned value (PV)
or
SPI =BCWP / BCWS