What will be your variance if your project has a budget of $130,000 and is expected to last ten months, with the work and budget spread evenly across all months?
$26,000 is the variance. This is calculated by subtracting the actual costs of $65,000 from the earned value of $39,000. EV is calculated by taking the 30 percent completion of the project against the BAC. The project is considered to be 30 percent complete because its slated for 10 months, is currently in month three, and is on schedule.
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