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planned value (PV)

The portion of the approved project budget allocated to the work planned to be finished by a specific point in time. Related measures include actual cost (AC), budget at completion (BAC), earned value (EV), estimate at completion (EAC), and estimate to complete (ETC).

Key Points

  • PV is the time-phased budget for the work scheduled to be completed by the status date.
  • At project completion, the total PV equals the BAC.
  • PV is used with EV and AC to compute SV (EV - PV) and SPI (EV / PV) in earned value analysis.
  • PV is derived from the cost baseline aligned to the schedule and excludes management reserve.

Example

A project has a BAC of $250,000. By the end of week 4, the plan targets 30% completion. PV = 0.30 x 250,000 = $75,000. If EV is $60,000 and AC is $80,000, then SV = EV - PV = -$15,000 and SPI = EV / PV = 0.80, indicating the project is behind schedule.

PMP Example Question

By the end of month 2, the plan calls for completing work worth $200,000 on a project with a BAC of $500,000. Actual cost to date is $230,000 and earned value is $180,000. What is the planned value (PV) at the end of month 2?

  1. $180,000
  2. $200,000
  3. $230,000
  4. $500,000

Correct Answer: B — the budgeted cost of the work planned by the status date

Explanation: PV is the portion of the approved budget scheduled to be completed by the status date: $200,000. EV ($180,000) is the value of work actually performed; AC ($230,000) is what was spent; BAC ($500,000) is the total authorized budget.

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