Glossary - 'V'

• 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.

_________
References:

• PMP Exam Prep, Fifth Edition: Rita's Course in a Book for Passing the PMP Exam by Rita Mulcahy.
  
• PMP Project Management Professional Study Guide, Second Edition by Joseph Phillips.
  
• PMP: Project Management Professional Study Guide, 3rd Edition by Kim Heldman.