How often should project status be communicated to the project sponsor?

Monthly for projects longer than $12$ months, bi$-$weekly for projects shorter than $12$ months

Weekly for most projects, biweekly for a construction or healthcare project

It depends on the frequency of publication of the local newspaper of record and local government regulation

It depends on the project, issues related to the project and the team's need for information, as well as the sponsor's expressed desire to receive reports

What does a negative schedule variance tell you?

How much is the project ahead or behind schedule?

How much work is done?

How efficient is the project so far with its schedule?

How much more money do we need to spend to complete the project?