After you copy the narratives, you need to review them to make sure that all of the following requirements reflect the current period.
Provide an explanation for all variances exceeded, explaining variances on both current period and cumulative to date variances. The variances that exceeded the thresholds display in the text box below the Cost Detail grid.
Clearly document the impact to the project because of these variances, including effects on the schedule (such as customer delivery dates).
Document how you plan to correct the variance and get the control account performing as planned.
Provide a monthly summary of these actions.
Click the Child tab and create new child corrective action item for all actions described in the memo field on the Explanation of Variance. Remember to start the workflow on all corrective actions.
Double check that all variances that were exceeded have a corrective action documented and there are corrective actions created.
When all of these actions have been checked and completed for the current period, approve the Explanation of Variance so the workflow can continue for other approvals.
Schedule the creation of Explanation of Variances