A junior analyst on a municipal bridge repair is learning earned value at CAPM depth. Which statement correctly describes schedule variance (SV) and cost variance (CV) without requiring advanced forecasting formulas?
Select an answer to reveal the explanation.
Short Explanation
Keep it simple: schedule variance asks whether earned progress matches the plan date-wise, and cost variance asks whether that earned progress cost what it should. Morale meters and deleting baselines are not the point. Associate-level literacy is knowing what each variance compares.
Full Explanation
At associate level, schedule variance (SV) contrasts earned value with planned value to indicate schedule performance relative to the plan, and cost variance (CV) contrasts earned value with actual cost to indicate cost performance. Neither measure is a morale metric, and neither removes the need for baselines. Advanced indices and forecasts may appear in deeper exams, but CAPM expects this comparative meaning.