A project manager wants to determine if project spending aligns with the budgeted plan. Which metric should they use?
Cost variance
Schedule variance
Quality variance
Scope variance
Cost variance measures the difference between the actual cost incurred and the budgeted cost of work performed. It indicates whether the project is under or over budget at a given point in time. Schedule variance assesses the project's progress against the planned schedule, focusing on time rather than cost. Quality variance and scope variance are not standard metrics for evaluating cost performance in project management.
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