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The formula for calculating schedule variance (SV) is represented as SV = EV - PV. This equation is critical in project management as it helps assess the project's performance in terms of its schedule.

In this formula, EV stands for Earned Value, which quantifies the value of work actually performed up to a specific point in time. PV stands for Planned Value, representing the value that was planned to be completed by that same point in time. By subtracting Planned Value from Earned Value, the formula determines how much ahead or behind schedule a project is at that moment.

When SV is positive, it indicates that the project is ahead of schedule, whereas a negative SV suggests that the project is behind schedule. This measurement is essential for project managers to make informed decisions about resource allocation and timeline adjustments to ensure that project deadlines are met effectively.

Understanding this formula is vital for evaluating project performance, making it a cornerstone concept in project management and governance risk and compliance frameworks.