schedule variance

[ks2008]

Please confirm my understanding, stated in the quote.
"When I complete my project I will not have schedule variance(sv), but
there could be some cost variance (cv). Because, when I complete the
project, there is no work left, yet to complete, however there is a
chance I would have incurred more expense than I planned so there will
be a cost variance."

BTW, Here is my question ?
I would have planned to complete on date X, but I really completed on
date Y.
a) What we call the days difference ie. ( Y - X ) days ?
Is it called Delay ?
b) What we call the Amount difference ie. $(Y-X)
ie. ( Actual BAC - Planned BAC )

thanks
KS

 

[Andrew Lavinsky]

Your understanding is correct.

I would have planned to complete on date X, but I really completed on
date Y.
a) What we call the days difference ie. ( Y - X ) days ?
Is it called Delay ?

Typically, that would be Finish Variance.

b) What we call the Amount difference ie. $(Y-X)
ie. ( Actual BAC - Planned BAC )

Cost variance. Note that Cost Variance is slightly different than CV in MS
Project, as CV is the cost variance as of the Status Date. Cost Variance is
the overall predicted cost variance (Estimate at Completion - Budget at
Completion).

 

[Jim Aksel]

Your statements are correct, however I do not think you have totally answered
the questions.

a) What we call the days difference ie. ( Y - X ) days ?
Is it called Delay ?

This is called the Finish Variance and is measured in days.

b) What we call the Amount difference ie. $(Y-X)

This is the Cost Variance (CV) and it may be favorable or unfavorable.

ie. ( Actual BAC - Planned BAC )

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Jim Aksel, MVP

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[ks2008]

Thanks Andrew
-K

 

[Andrew Lavinsky]

Thanks Jim!


- Andrew Lavinsky
Blog: http://blogs.catapultsystems.com/epm

 

[Jim Aksel]

Andrew - my post was intended for the original poster, not you... sorry for
any misunderstanding. After reading your response I can see how you got
there.

Jim