What is variance in SAP PS - Project System?

SAP Term: variance

• Component: PS

• Component Name: Project System

• Description: .

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• Key Concepts: 
  Variance in SAP Project System (PS) is the difference between the planned and actual costs of a project. It is used to measure the performance of a project and identify any potential issues. Variance can be calculated for both cost and revenue, and can be used to analyze the overall profitability of a project. 
  
  How to use it: 
  In SAP PS, variance is calculated by comparing the planned costs and revenues with the actual costs and revenues. This comparison can be done manually or automatically using the variance analysis feature in SAP PS. The variance analysis feature allows users to view the differences between planned and actual costs and revenues in an easy-to-understand format. 
  
  Tips & Tricks: 
  When using variance analysis in SAP PS, it is important to remember that it is only as accurate as the data that is entered into the system. Therefore, it is important to ensure that all data is accurate and up-to-date before running a variance analysis. Additionally, it is important to remember that variance analysis should be used as a tool for identifying potential issues, rather than as a definitive measure of performance. 
  
  Related Information: 
  For more information on variance analysis in SAP PS, please refer to the official SAP documentation on the topic. Additionally, there are many online resources available that provide detailed tutorials on how to use variance analysis in SAP PS.