What is schedule variance (SV)?

Schedule Variance (SV) is a metric in project management that reflects the deviation of actual progress from the planned schedule in terms of time. It is calculated as the difference between the earned value (EV) and the planned value (PV):

SV = EV - PV

If SV is positive, the project is ahead of schedule; if negative, it is behind. This metric helps managers understand how well the project is adhering to the planned timeline and take corrective actions accordingly.