project management glossary
cost variance (cv)
The difference between the budgeted and actual cost of work performed.
Either
- Any difference between the estimated cost of an activity and the actual cost of that activity, or
- In earned value, BCWP less ACWP.
The difference between BCWP and ACWP and shows how actual expenditure compares with the budget. This can be shown as a numeric difference, where positive values indicate costs running under budget and negative values indicate cost overruns. Can also be expressed by a percentage value such as: CV(%) = (BCWP-ACWP) x 100 / BCWP.
cost/benefit
A criterion for comparing programs, projects and alternatives when benefits can be valued in monetary terms.
cost/schedule control system criteria (c/scsc)
A planning and control reporting system devised by the Department of Defense for its contractors to use, intended to foster greater uniformity as well as provide early insight into impending schedule or budget overruns.
Thirty five defined standards which have been applied against private contractor management control systems since 1967 in order to insure the government that cost reimbursable and incentive type contracts are managed properly.
