What does Schedule Variance (SV) measure in a project?

Schedule Variance (SV) measures the difference between the work that has actually been completed on a project and the work that was planned to be completed by a specific point in time. This concept is essential in project management because it helps project managers assess how well the project is adhering to its planned schedule.

When Schedule Variance is calculated, it indicates whether the project is ahead of or behind its planned timeline. A positive SV indicates that more work has been completed than was originally scheduled, while a negative SV shows that less work has been done than planned. This metric is critical for identifying delays early and taking corrective actions to bring the project back on track or to adjust expectations with stakeholders.

The other options focus on aspects that are not specific to schedule. For instance, cost efficiency pertains to how well a project is managing its budget rather than its timeline; the percentage of work completed compared to budgeted focuses on budget metrics rather than schedule; and timeline adherence is a broader term that could encompass various measures beyond just the difference between completed and planned work. Therefore, the choice that captures the essence of what Schedule Variance measures is the difference between completed work and planned work.