There is positive variance of $122,845 on Fred's project. Variances can be either positive or negative.

Schedule variance (SV) is a measure of schedule performance on a project. The variance notifies that

the schedule is ahead or behind what was planned for this period in time. The schedule variance is

calculated based on the following formula:

SV = Earned Value (EV) - Planned Value (PV)

If the resulting schedule is negative, it indicates that the project is behind schedule. A value greater

than 0 shows that the project is ahead of the planned schedule. A value of 0 indicates that the

project is right on target.

Answer option C is incorrect. This is the project's variance at completion.

Answer option D is incorrect. This is the cost variance for the project.

Answer option A is incorrect. This is not a valid answer for the project.