{"id":19263,"date":"2021-07-30T00:00:00","date_gmt":"2021-07-30T05:00:00","guid":{"rendered":"https:\/\/blog.planview.com\/5-ways-technology-has-changed-project-management-clarizen\/"},"modified":"2021-07-30T00:00:00","modified_gmt":"2021-07-30T05:00:00","slug":"5-ways-technology-has-changed-project-management-clarizen","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/5-ways-technology-has-changed-project-management-clarizen\/","title":{"rendered":"5 Ways Technology Has Changed Project Management \u2013 Planview AdaptiveWork"},"content":{"rendered":"<p> <!-- .post-meta --><\/p>\n<p><span style=\"font-weight: 400\">As a means of judging a project&#x2019;s progress and <\/span><a href=\"http:\/\/www.clarizen.com\/components-project-plan\/\"><span style=\"font-weight: 400\">how well the initial project plan<\/span><\/a><span style=\"font-weight: 400\"> is being adhered to, Schedule Variance is one of the most useful and common metrics used. It can give quick insight into how well the project has performed so far and whether it is ahead of schedule or behind it. That sounds great and an obvious boon for any PM looking to gauge how their project is doing, but what is schedule variance exactly?<\/span><\/p>\n<p><img class=\"lazyload\" data-src=\"https:\/\/media.planview.com\/clarizen\/wp-content\/upload\/2018\/10\/What-is-Schedule-Variance.jpg\" alt height=\"400\"><\/p>\n<p><b>What is Schedule Variance &amp; How to Work it Out?<\/b><\/p>\n<p><span style=\"font-weight: 400\">Schedule variance is calculated by taking the Planned Value of your Project from the Earned Value. So, Earned Value (EV) &#x2013; Planned Value (PV) = Schedule Variance (SV) or SV = EV &#x2013; PV. So, to find the Schedule Variance of a project we also need to know it&#x2019;s Earned Value and Planned Value.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Schedule Variance = Earned Value &#x2013; Planned Value<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Earned Value<\/b><span style=\"font-weight: 400\"> is the worth of the work completed so far, also known as the <\/span><b>Budgeted Cost of Work Performed.<\/b><\/li>\n<li style=\"font-weight: 400\"><b>Planned Value<\/b><span style=\"font-weight: 400\"> is how much of your budget should have been spent so far, also known as the <\/span><b>Budgeted Cost of Work Scheduled.<\/b><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">If the Schedule Variance is zero, the project is on schedule.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">If the Schedule Variance is positive, progress is ahead of schedule.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">If the Schedule Variance is negative, progress is behind schedule.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Schedule Variance % = Schedule Variance (SV) \/ Planned Value (PV)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">To illustrate this better we&#x2019;ll use an example. We&#x2019;ll assume a project length of eight months, with a budget of $200,000. If four months have passed and you were due to have completed 50% or $100,000 of work but have only done $80,000 then the project is behind schedule by $20,000 or 20%. <\/span><\/p>\n<p><span style=\"font-weight: 400\">(EV) 80,000 &#x2013; (PV) 100,000 = (SV) -20,000<\/span><\/p>\n<p><span style=\"font-weight: 400\">(SV) -20,000 \/ (PV) 100,000 = -20%<\/span><\/p>\n<p><b>What Your Schedule Variance Says About Your Project <\/b><\/p>\n<p><span style=\"font-weight: 400\">There are other metrics that can be used to inform clients or stakeholders of your project&#x2019;s current progress,<\/span><a href=\"https:\/\/pmstudycircle.com\/2012\/05\/schedule-variance-sv-cost-variance-cv-in-project-cost-management\/\"><span style=\"font-weight: 400\"> such as Cost Variance and a Schedule Performance Indicator<\/span><\/a><span style=\"font-weight: 400\"> but Schedule Variance is one of the most popular and widely understood. Especially after working out the Schedule Variance %, you will be able to provide an easily understandable headline figure for any project status report.<\/span><\/p>\n<div id=\"content-cta\">\n<div id=\"content-cta-text\">Increase your business agility with Planview AdaptiveWork&#x2019;s project management software<\/div>\n<div id=\"content-cta-button\"><a href=\"https:\/\/www.clarizen.com\/resource\/product-tour\/?refer=blogpost\">Take a Product Tour<\/a><\/div>\n<\/div>\n<p><b>What is Schedule Variance in Terms of Time Units?<\/b><\/p>\n<p><span style=\"font-weight: 400\">Depending on the projected timeline of your project, it is also possible to use Schedule Variance to demonstrate in hours, days or weeks how far ahead or behind your project is. To do so, decide on the time units you want to use and then work out how many there are in your project to get Total Project Time (TPT). Using the previous example, we have eight months, which is, for the sake of the example, 32 weeks or 160 days. We will choose days as our measurement unit. Of these eight months, four have passed, which gives us the Time Elapsed (TE). Then, we use the formula:<\/span><\/p>\n<p><span style=\"font-weight: 400\"> SV x Time Elapsed (TE) x Total Project Time (TPT) = Schedule Variance in terms of time units<\/span><\/p>\n<p><span style=\"font-weight: 400\">-20% x 50% x 160 = -16 <\/span><\/p>\n<p><span style=\"font-weight: 400\">So, from this we can see that the project is so far negative 16 days away from being on schedule, i.e. 16 days behind. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Whichever way you choose to present the Schedule Variance of your project, knowing how to find it <\/span><a href=\"http:\/\/www.clarizen.com\/\"><span style=\"font-weight: 400\">gives you a great option for providing clarity to your clients and stakeholders<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><\/p>\n<div class=\"client-logo\"> <a href=\"https:\/\/www.clarizen.com\/customers\/\" title=\"Siemens Energy\"><img class=\"lazyload\" data-src=\"https:\/\/media.planview.com\/clarizen\/wp-content\/upload\/2020\/08\/siemens_energy-200x100.png\" alt=\"Siemens Energy\"><\/a> <a href=\"https:\/\/www.clarizen.com\/customers\/\" title=\"IIROC Success\"><img class=\"lazyload\" data-src=\"https:\/\/media.planview.com\/clarizen\/wp-content\/upload\/2020\/07\/IIROC_logo-200x100.gif\" alt=\"IIROC Success\"><\/a> <a href=\"https:\/\/www.clarizen.com\/customers\/\" title=\"Financial Services Institution\"><img class=\"lazyload\" data-src=\"https:\/\/media.planview.com\/clarizen\/wp-content\/upload\/2020\/04\/FINANCIAL-SERVICES-IMG-200x100.jpg\" alt=\"Financial Services Institution\"><\/a> <a href=\"https:\/\/www.clarizen.com\/customers\/\" title=\"M Squared\"><img class=\"lazyload\" data-src=\"https:\/\/media.planview.com\/clarizen\/wp-content\/upload\/2020\/03\/m-squared-logo-200x100.jpg\" alt=\"M Squared\"><\/a> <a href=\"https:\/\/www.clarizen.com\/customers\/\" title=\"Aliancys Success\"><img class=\"lazyload\" data-src=\"https:\/\/media.planview.com\/clarizen\/wp-content\/upload\/2019\/12\/aoc_aliancys-logo-800x400-200x100.jpg\" alt=\"Aliancys Success\"><\/a> <a href=\"https:\/\/www.clarizen.com\/customers\/\" title=\"Bonfiglioli Success\"><img class=\"lazyload\" data-src=\"https:\/\/media.planview.com\/clarizen\/wp-content\/upload\/2019\/11\/bonfiglioli_logo-800x400-200x100.jpg\" alt=\"Bonfiglioli Success\"><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>As a means of judging a project&#x2019;s progress and how well the initial project plan is being adhered to, Schedule Variance is one of the most useful and common metrics used. It can give quick insight into how well the project has performed so far and whether it is ahead of schedule or behind it&#8230;.<\/p>\n","protected":false},"author":205,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[35],"tags":[],"class_list":["post-19263","post","type-post","status-publish","format-standard","hentry","category-pmo-project-management-organizations"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>5 Ways Technology Has Changed Project Management \u2013 Clarizen<\/title>\n<meta name=\"description\" content=\"Project managers would tell you that communication is the key to project success. 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