I’m trying to determine the main differences between the two so that I can choose the right answer on the exam.

Earned Value Analysis is a complete technique for planning your work, capturing the hours/capital expended to date and then forecasting into the future. You can calculate the CPI, SPI, CV or SV by using Earned Value.

Variance Analysis on the other hand is a simple technique to determine the reason for a variance. For instance: We are 2 weeks behind schedule. With the Variance Analysis you will try and determine why that is so. (=someone was sick, parts have not been delivered on time, etc.)

Until next time,
Cornelius Fichtner, PMP
The Project Management PrepCastâ„¢ – http://www.pm-prepcast.com