What is Cost Variance (CV)?
Cost Variance is the difference between the amount budgeted and the amount actually spent for the work performed on a project.
CV equals earned value (EV) minus actual cost (AC). [CV=EV-AC] Assuming all the work of the project is completed (earned), the cost variance at the end of the project will be the difference between the budget at completion (BAC) and the actual amount spent (AC). [CV= BAC–AC]