How do I monitor schedule variance SV in Microsoft Project

Question

In Microsoft Project, what’s the best method for monitoring schedule variance (SV) during a project? I’m particularly looking for automated solutions or customizable views.

Answer 1

Schedule Variance (SV) is a project performance statistic that measures how far ahead or behind a project is in relation to its scheduled schedule. To calculate it, subtract the Planned Value (PV) from the Earned Value (EV):

         SV=EV−PV

Here's how you can track schedule variance in Microsoft Project:

• Track Planned Value (PV) and Earned Value (EV). - To compute SV, make sure that you have both the intended and earned values for each activity. Planned Value is the quantity of work that is expected to be finished by a given time, whereas Earned Value indicates the work that was really accomplished by that time.
• Use the project's built-in Earned Value Management (EVM) tools. - Microsoft Project has EVM tools that automatically calculate Earned Value, Planned Value, and Schedule Variance. To enable EVM, you have to:
  • Establish baseline data for the project (the projected schedule).
  • Provide regular updates on task progress.
• Add SV to Reports - Microsoft Project allows you to include Schedule Variance in your project reports. Go to the "Task Usage" or "Tracking Gantt" views and add columns for Earned Value and Planned Value. You may then use Schedule Variance to track how far ahead or behind the project is.

Monitoring schedule variation allows you to take early action if the project falls behind schedule, modifying resources or deadlines as needed.