What is cost variance analysis?
An example of an AI chatbot conversation about cost variance analysis in project management.
What is cost variance analysis?
Cost variance analysis is a method used to assess the difference between the planned budget and the actual costs incurred.
Why is it important in project management?
It's crucial for identifying areas where a project is overspending or underspending, allowing for better financial control.
How do you calculate cost variance?
Cost variance is calculated by subtracting the actual cost from the planned cost: CV = Planned Cost - Actual Cost.
Can you give me an example?
Sure! If a project was budgeted at $10,000 but the actual cost is $12,000, the cost variance would be -$2,000.
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