The difference between the earned value and the actual cost is the cost variance. True False

##Step 1: Definition of Earned Value<br />###Earned value (EV) is the value of work performed expressed in terms of the budget authorized for that work. It represents the planned cost of the work that has actually been completed.<br /><br />##Step 2: Definition of Actual Cost<br />###Actual cost (AC) is the total costs incurred in accomplishing the work performed. It represents the money actually spent on the project.<br /><br />##Step 3: Definition of Cost Variance<br />###Cost variance (CV) is the difference between the earned value and the actual cost. It is calculated as CV = EV - AC. A positive CV indicates the project is under budget, while a negative CV indicates the project is over budget.<br /><br />##Step 4: Evaluating the Statement<br />###The statement "The difference between the earned value and the actual cost is the cost variance" aligns perfectly with the definition of cost variance.<br /><br />#