Like cdj24 mentioned, it’s hard to say which situation is better without knowing the context of the project and the company. Ideally, having a positive SV and CV is preferred but that’s not always possible. If the schedule is flexible to allow some variance while keeping the project under budget, this is not the worst case scenario. If the budget is flexible to allow some variance while keeping the project ahead of schedule, this situation is also not too bad. So it depends on the nature of the project and where the PM has decided to allow room for variance in to determine the success of the overall project.