What does schedule variance (SV) measure in project management?

• A. The difference between planned and actual costs
• B. The difference between scheduled progress and actual progress
• C. The overall risk exposure of the project
• D. The team's productivity level

Answer: (B)

Schedule variance (SV) is a key performance indicator in project management that specifically measures the difference between the amount of work that was actually completed by a certain point in time and what was planned to be completed by that same time. In essence, it reflects how well the project is adhering to its established schedule.

When a project manager calculates SV, they are looking to determine if the project is ahead, on schedule, or behind schedule based on the planned timeline compared to the actual work completed. A positive SV indicates that the project is ahead of schedule, while a negative SV signals a delay. This metric is crucial for timely decision-making and for taking corrective actions if the project is falling behind.

The other options provided do not encompass the specific measurement that SV represents. For instance, measuring the difference between planned and actual costs relates to cost variance (CV), while overall risk exposure pertains to a broader assessment of potential project risks, not specifically tied to schedule adherence. Team productivity level might be influenced by various factors but does not directly quantify the schedule's effectiveness in terms of planned vs. actual work. Thus, the focus of schedule variance is uniquely aligned with tracking scheduled progress against the actual progress of a project.