The difference between an actual or estimate d cost and an authorize d appropriation for the scope of work in a cost class. The difference between the baseline and schedule d task or resource information . Variances occur when you set a baseline plan and begin entering actual information into your schedule or cost spreadsheet. In common usage , the difference between a pre-established measure and an actual measure. Any deviation of project work from what was plan ned.
Variance can be around cost s, time , performance , or project scope .
The budget at completion less the estimate at completion . A negative result indicates that the project is over budget . The amount of a variance which will require a formal problem analysis report , as agreed to by the contractor and the customer . Variance parameters will differ depending on the function, level and stage of the project . The term used in the construction industry for an approve d technical change to the project .