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Q: What is the earned value (EV) metric of cost variance (CV)?
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What the difference between actual value and earned value?

The difference between the Actual Value & Earned Value is the Project Cost Variance


What is CV in project management?

CV is a term that is used while measuring project performance.CV stands for Cost VarianceCost variance (CV) - This is a measure of cost performance in terms of deviation of reality from the plan, and it is obtained by subtracting the actual cost (AC) from the earned value (EV), as shown in the formula here:CV = EV - ACEV = Earned ValueAC = Actual Cost


What is the difference between variable overheads cost variance andfixed overheads cost variance?

Variable overhead cost variance is that variance which is in variable overheads costs between the standard cost and the actual variable cost WHILE fixed overheads cost variance is variance between standard fixed overhead cost and actual fixed overhead cost.


What is favourable variance?

A favorable variance is the difference between the budgeted or standard cost and the actual cost. If the actual cost is less than budgeted or standard cost, it is a favorable variance.


What do you mean by labor cost variance?

Labor cost variance means the difference between standard labor cost and actual labor cost.


What is cost variance?

Cost variance means the difference in actual cost from standard cost and very important part of standard costing and budgeting analysis.


What is the difference between negative price variance and volume variance?

Negative price variance is when the cost is less than budgeted. Volume variance is a variance in the volume produce.


What is favourable?

A favorable variance is the difference between the budgeted or standard cost and the actual cost. If the actual cost is less than budgeted or standard cost, it is a favorable variance.


What is material cost variance?

The material cost variance denoting the difference between the standard cost of materials and actual cost of matrials. The material cost variance is between the standard material cost for actual production in units and actual cost. The total cost is usually determined by two differenct factors of influence viz quantity of materials utilized/ required and price of the materials. The fluctuations in the material cost are only due to the fluctuations in the utility of materials due to many factors. Material cost variance can be computed into two different ways: DIRECT METHOD AND INDIRECT METHOD material cost variance= Standard cost of materials for actual output- actual cost of raw materials. MCV=(S Q AO X SP)-(AQ X AP) Indirect Method: material cost variance= Material price variance (MPV)+Material usage Variance


What is a manufacturing cost variance?

manufacturing cost refers to varaiable costs


Is the materials price variance the least significant from a standpoint of cost control?

NO - Fixed Overhead Volume Variance


What is direct labor variance?

It means the difference between the budgeted or estimated direct labour cost at the start of work activity with the actual direct labour cost at the end of activity or fiscal year. If budgeted cost is more then the actuall then it is favourable variance otherwise it is unfavourable direct labour cost variance