Cost Variance is the difference between the budgeted cost of work performed and the cost incurred. Cost Variance is a performance metric in project management as it indicates whether a project is on track in terms of budget. Cost Variance can be calculated by subtracting the cost from the budgeted cost. Cost Variance can help ensure the wedding stays within budget and avoids any unexpected wedding expenses. Monitoring Cost Variance for weddings ensures the event is a success without breaking the bank.