The project cost variance is the difference between the earned value of a project and the actual cost of a project. The EV is calculated by multiplying the percentage of a task that's been completed by that task's planned value. The AC of a project is the cost of delivering a project based upon the material goods that have been purchased and the costs associated with project resources. A project's cost variance is calculated as the difference between the earned value of a project and the actual cost of a project at the same point in time.
This recipe demonstrates how to calculate a project's cost variance.