Construction · Defined
Variance
A difference between a planned or reported value and a comparison value, such as actual cost, observed progress, or the current schedule forecast. The term needs a stated basis.
Why it matters
A variance becomes useful when the report explains its cause, consequence, and trend. Cost and schedule differences should not be reduced to a color or percentage without showing the baseline and relevant date. A zoning variance is a different legal and land-use concept.
In practice
A project example
A monthly report shows a completion date later than the original baseline. The reviewer identifies what changed and whether the current forecast includes a supported recovery plan.
General educational guidance from KOW Building Consultants. Examples are illustrative, not project records. The applicable contract, standard, program, and jurisdiction control the requirements for a specific assignment.