Here are the basic elements that should be in a variance analysis report:
Project Name, reporting period, preparation date, project activities column, target start finish dates, actual start finish dates, amount of schedule variance, cause of variance, expected impacts, proposed corrrective action. These should be the minimum when preparing schedule variance report. The cost variance report should be similar, only that the schedule activities can be replaced by cost activities. targets and actuals can be replaced by targeted budgets and actual costs. It is the convention to put F for favorable results and U for unfavorable results.