A project manager is evaluating the schedule performance of their project. The Earned Value (EV) is $75,000, and the Planned Value (PV) is $80,000. What is the Schedule Variance (SV) for this project?
$155,000
$5,000
-$155,000
-$5,000
The correct answer is -$5,000. Schedule Variance (SV) is calculated using the formula SV = EV - PV. In this case, SV = $75,000 - $80,000 = -$5,000. A negative SV indicates that the project is behind schedule. This means less work has been completed than planned at this point in the project. It's important to note that SV is expressed in monetary terms, not time units. To interpret this result, the project manager should investigate why less work has been completed than planned and consider implementing corrective actions to bring the project back on schedule.
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