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Cost Variance (CV) = BCWP â ACWP. 1  The formula mentioned above gives the variance in terms of cost. 2  Positive CV indicates the project is under-budget. 3  Negative CV indicates the project is over-budget.
Office Project 2007 has fields for commonly used variances: Cost This variance is the difference between your scheduled and original baseline costs. It shows if you are over or under budget. Duration This is the difference between the scheduled duration of a task or project and the baseline duration.It indicates if tasks are taking longer than planned, which in turn affects the project schedule. Work Determine the gap between scheduled and baseline work times.uration This is the difference between the scheduled duration of a task or project and the baseline duration. It indicates if tasks are taking longer than planned, which in turn affects the project schedule. Work Determine the gap between scheduled and baseline work times.