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PMI-SP Exam - Topic 4 Question 7 Discussion
Topic #: 4
You are the project manager of the GHY Project. This project is scheduled to last for one year and has a BAC of $4,500,000. You are currently 45 percent complete with this project, though you are supposed to be at your second milestone, which accounts for half of the project completion. There have been some errors in the project, which has caused you to spend $2,073,654. What is this project's planned value?
The planned value is the worth of the project if it were on time. In this instance, the
project should be 50 percent complete, so the planned
value is half of the project budget - $2,250,000.
Planned value (PV) is the authorized budget assigned to the schedule work to be accomplished for a
schedule activity or work breakdown
structure component. It serves as a baseline against which actual performance is measured. The
theory of planned value is of vital importance
to the project management team and it is important to keep careful track of this. The term planned
value can also be in some situations
referred to by the project management team and the project management team leader as the
budgeted cost of work scheduled (BCWS).
Answer option C is incorrect. This is the budget at completion.
Answer option A is incorrect. This is the earned value for the project.
Answer option B is incorrect. There is enough information to know.
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