Which Earned Value Management formula is used to calculate a project's cost variance (CV)?
CV = Earned Value (EV) − Planned Value (PV)
CV = Earned Value (EV) − Actual Cost (AC)
CV = Planned Value (PV) − Earned Value (EV)
CV = Actual Cost (AC) − Earned Value (EV)
Cost variance measures how the project's actual spending compares with the value of work performed. It is calculated by subtracting the Actual Cost (AC) of work from the Earned Value (EV) of work: CV = EV − AC. A positive CV indicates the project is under budget, while a negative CV shows it is over budget. The other formulas either reverse the terms or represent schedule variance, not cost variance.
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