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Project management

What is the importance of a variance to a project budget, schedule, or specification? How does a PM find the root cause of a variance? Is there an acceptable variance? Is a variance ever acceptable? Why or why not?

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What is the importance of a variance to a project budget, schedule, or specification?
The budget, schedule or specification that varies from the rule or the standard is referred to as variance.. This is importance because it means that if there is variance the project is not on target. The time when the project was supposed to end has passed and the project is not complete. There is a cost overrun. The specification has been violated. These are important parameters of the ...

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