Planned Value Notes: Definitions & Explanations PDF | Download eBooks
Study Planned Value lecture notes PDF with project management definitions and explanation to study What is Planned Value?. Study planned value explanation with project management terms to review project management course for online MBA programs.
Planned Value Definition:
Planned value is defined as the authorized budget planned for the work to be accomplished for an activity or work breakdown structure (WBS) component, not including management reserve.
A Guide to the Project Management Body of Knowledge by Project Management Institute
Planned Value Notes:
When the project's activities are scheduled and the cost estimates are made, a specific amount of money for the whole project is approved by the contractor along with the customer. The budget for the scheduled project and its associated activities is called planned value (PV). Planned value can be for both the overall project and the individual activities or work packages. However, management/contingency reserves are not included in the planned value. At a specific point in project, planned value refers to the work completed at that point and the budget assigned to that completed work. A special term is used for the planned value of the overall project which is budget at completion (BAC).
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