One of your monthly reports claim that your project has a CV of 2000. How would you describe it to your sponsor?
A. The project is $2000 over budget
B. The project is $2000 under budget
C. CV of anything over 1000 is irrelevant
D. Not enough information
Answer: B. The project is $2000 under budget
CV (cost variance) is simply a measure of how the project is performing in terms of cost. A positive number is good, under budget, while a negative number is bad, over budget. CV is derived from EV (earned value) minus AC (actual cost).
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