📚 Project Vocabulary: Variance 📈

📚 Project Vocabulary: Variance 📈

Definition: The difference between the planned and actual performance of a project in terms of schedule, cost, or scope. Analyzing variances helps project managers identify issues and take corrective actions.

Example: If a project’s actual costs are higher than the budgeted costs, there is a cost variance. The project manager would need to analyze the reasons for this variance and take action to bring the project back on budget.

Variance is like a project’s early warning system, alerting us to potential issues before they become major problems. 🚨🔍
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