by Humphreys & Associates | September 1, 2022 5:00 am
Variance Thresholds are an important part of EVMS Variance Analysis. Project managers can use variance thresholds to help identify potential issues with cost and scheduleperformance. By setting these thresholds in advance, project managers can gain visibility into when a cost or schedule variance is trending at a level that needs to be addressed. The goal is to identify issues before they become catastrophic, and while there is still time to correct them before they impact project objectives.
There are a few different ways to set variance thresholds. One common approach is to base them on percentages of expected cost variance over time. This allows project managers to track performance and take corrective action if necessary.
Variance thresholds can be a valuable tool for managing contract performance. By setting these thresholds in advance, project managers can gain visibility into potential issues and take corrective action before they become catastrophic.
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