What is Schedule Variance (SV)?
Schedule Variance expresses schedule position in dollars: the value of work completed minus the value of work planned. Negative means behind schedule; positive means ahead.
Yes, measuring time in dollars feels odd — that's normal. It works because both EV and PV are expressed in budget terms, so the difference shows how much planned work is missing at the status date.
Formula
SV = EV − PV
Worked example
EV = $35,000, PV = $40,000. SV = 35,000 − 40,000 = −$5,000 — $5,000 of planned work hasn\'t been earned yet. The project is behind schedule.