Worried about project budget overruns? Let’s explore Cost Variance!
Cost Variance (CV) is the budget deficit or surplus at a given time. It’s the difference between earned value and actual cost.
CV helps you identify financial issues early. It shows if you’re overspending or underspending, enabling timely corrections.
Formula:
CV = Earned Value (EV) – Actual Cost (AC).
Calculate CV regularly. A positive CV means you’re under budget; a negative CV means you’re over budget.
Track Cost Variance to maintain your project budget. It’s essential for financial control and project success!
Advanced Project Management
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