Given the same scenario with 105 job descriptions to complete, if the actual cost spent by day four is $5,500, what is the schedule variance?

To determine the schedule variance, it’s essential to first understand the concepts of planned value (PV) and earned value (EV). Schedule variance (SV) is calculated using the formula:

SV = EV - PV

In this scenario, we are given that the actual cost spent by day four is $5,500, but this information is not directly relevant to calculating the schedule variance. Instead, we need to know both the planned value and the earned value at that point in time.

Assuming that after four days, the work scheduled was supposed to correspond to a certain value (PV) based on the total of 105 job descriptions, and if we consider how much value has been earned based on how many descriptions have been completed, we can derive the earned value (EV).

If the earned value was less than what was planned, this will lead to a negative schedule variance. If we assume that for this situation, the planned value is $7,000, with an earned value of $5,500, substituting these values into the formula yields:

SV = EV (5,500) - PV (7,500) = -$2,000.

If we align this logic with the supposed scenario where the actual work done falls short