Schedule variance is caused by tasks that have slipped from their planned start or finish dates (as recorded in a baseline). You can use a combination of views, tables, filters, and reports to identify which tasks have slipped and caused variance.
Schedule and cost variance are closely related—if a project plan has one, it likely has the other. As with schedule variance, you can apply a combination of views, tables, filters, and reports to locate cost variance.
You can use formulas and graphical indicators in custom fields to create a highly customized view, such as a stoplight view, to communicate key project health indicators to your stakeholders.