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Measuring Project Performance

Master Earned Value Management to analyze and improve projects.

Variance

A measurable difference between actual results and the approved baseline or expected value.

Key Points

  • Always calculated against a defined baseline (scope, schedule, cost, quality, or other metrics).
  • Can be favorable or unfavorable; the sign convention (positive/negative) should be defined in the management plan.
  • May be shown in units (days, dollars, defects) or as a percentage, and tracked over time to spot trends.
  • Used in variance analysis and EVM to trigger root-cause investigation, corrective actions, or change requests based on thresholds.

Example

The cost baseline for a phase is USD 200,000, but the team spent USD 215,000. The cost variance (Actual - Baseline) is +USD 15,000, indicating an overrun that requires analysis and potential corrective action.

PMP Example Question

During monitoring and controlling, a project manager notes that actual costs exceed the cost baseline by USD 75,000. What is this difference called?

  1. Variance
  2. Change request
  3. Risk
  4. Assumption

Correct Answer: A — Variance

Explanation: Variance is the measurable gap between actual performance and the approved baseline or expected value.

How To Land the Job and Interview for Project Managers Course

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Learn from seasoned professionals and join a community of ambitious project managers. Ready to land your ideal job and thrive in your career? Enroll now and take control of your future!



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