In the context of Project Management Professional (PMP) standards, a negative schedule variance indicates that the project is behind schedule. This is because the earned value (EV) is less than the planned value (PV), meaning the project has completed less work than planned by this point in time123. Despite the project being under budget and quality checks being positive, the negative schedule variance is a critical factor in determining the overall project status. The project manager must address this issue to realign the project with its planned schedule.
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Project Management Academy Resources1
Project-Management.info2
Sitemate Resources3