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Cost Variance (CV) = Earned Value – Actual Cost
Cost Variance (CV) is a very important factor to measure project performance.
Variance for cost =Standard Cost-Actual quantity-Actual Cost-Actual Quantity.
Positive Variance indicates under Budget.Negative Variance indicates over Budget.
cost variance direct material
(actual price - standard price ) * actual quantity
direct labor (actual rate - standard rate ) * actual hours
Variance for cost = Actual quantity * (Actual price - standard price)
Efficiency variance = Standard Cost (Actual Quantity - Standard Quantity)
Cost Variance = Standard Cost * Actual Quantity - Actual Cost * Actual Quantity
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