U-V

---

Utility function

A person's willingness to accept risk.

Value added change

A change that positively impacts either the scope, schedule, or cost of a project without adversely impacting the other two aspects.

Variance

The difference between what was planned and what was experienced; typically used for costs and schedules.

Variance at Completion

The difference between the BAC and the EAC; its formula is VAC= BAC-EAC

---