Advanced Terminology

What is Cost Variance in Project Management?

Cost variance is the technique of comparing the economic overall performance of your project. Cost variance compares your price range that turned into set earlier than the project commenced and what turned into spent. This is calculated via means of locating the distinction between BCWP (Budgeted Cost of Work Performed) and ACWP (Actual Cost of Work Performed). The best price variance is while your ACWP fits your BCWP; however, that is nearly not possible to achieve. Cost variances may be high-quality or negative, relying on how carefully your ACWP fits up in your BCWP. The cause of understanding your price variance is that it will help your song with your budget as your project progresses.

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