Cost variance
Earned Value Management Handbook, Published by the Association for Project Management in March 2013 suggests that cost variance (CV) is: ‘…the cost comparison of what has been earned with what has been spent.’
Cost variance can be calculated as:
CV = Budgeted Cost of Work Performed (BCWP) – Actual Cost of Work Performed (ACWP)
Or:
CV% = (CV/BCWP) x 100
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