The formula to calculate the Schedule Variance (SV) is:
SV=BCWP−BCWS
Where:
Schedule variance is defined as the difference between the budgeted cost of work already performed and the budgeted cost of work expected to have been completed at this point in a project.
Let's consider an example:
Using the formula to calculate the Schedule Variance:
SV=10000−8000=2000$
This demonstrates that with a BCWP of $10,000 and a BCWS of $8,000, the schedule variance would be $2,000.