Question

points Your instructor has a patio construction project ongoing. The project has the following earned value management data: Present Value (PV) = $48,000, Earned Value (EV) = 32,000, and Actual Costs = $44,000. What is the Cost Variance (CV) for the project? A. +$12,000 B. -$12,000 C. +$ 16,000 D. -$16,000

Answer 1

The Cost variance is : -$12,000

The process of analyzing your project's financial performance is called cost variance. Cost variance compares the amount that was allocated for the project in your budget with what was actually spent. This is determined by subtracting the ACWP from the BCWP (Budgeted Cost of Work Performed) (Actual Cost of Work Performed). Hence, overall, the difference between what you intended to spend and what you actually spent is known as budget variance.

To calculate Cost Variance, we need to use the below formula,

Cost Variance (CV)  = Earned Value (EV) - Actual Cost (AC).

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