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Whereas the cost variances for direct materials, direct labor, and variable overhead all use the same two formulas, the cost variances for fixed overhead are different, and do not use these formulas at all.
Schedule Variance. Schedule variance is very similar to cost variance. So some of the explanation here also appears in the CV proof as some the variables are the same and the same concepts are used. As stated under cost variance, when you are mid-project there are two units by which you can measure your progress: time and money. Schedule variance measures progress and in terms of time. But here we measure time in dollars. It's counter-intuitive, but schedule variance does not measure progress in time-based units. We are measuring progress in dollars not manhours. The SV formula is SV = EV-PV. EV is earned value and PV is planned value.