How to evaluate project progress according to time and cost plan?

You can evaluate your project progress according to time by comparing the progress phase to the time schedule if it is on, behind or ahead of schedule

This will be done by the following formula:-

Schedule variance (SV)

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

If SV >0    it will be ahead of schedule.

If SV = zero     it will be on schedule.

If SV <0      it will be behind the schedule.

For the cost wise (Budget) we shall apply the following formula:-

Cost variance (CV)

CV = Earned Value (EV) – Actual Cost (AC)

If CV >0    it will be under budget.

If SV = zero     it will be on budget.

If SV <0      it will be over budget.