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Schedule Variance shows how the project’s actual progress compares to what was planned, by comparing earned value to planned value. The correct equation is SV = EV − PV. If earned value (EV) is higher than planned value (PV), SV is positive, meaning you’re ahead of schedule. If EV is lower than PV, SV is negative, indicating you’re behind schedule; if they’re equal, SV is zero and you’re on schedule. For example, with PV of 100 and EV of 120, SV is 20 (ahead by 20). With PV of 120 and EV of 100, SV is −20 (behind by 20).