You are the project manager of the GHY Project.

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.