Planned value (PV) is the authorized budget assigned to scheduled work. It is the
authorized budget planned for the work to be accomplished for an activity or work breakdown structure component, not including management reserve. This budget is allocated by phase over the life of the project, but at a given moment, planned value defines the physical work that should have been accomplished. The total of the PV is sometimes referred to as the performance measurement baseline(PMB). The total planned value for the project is also known as budget at completion (BAC).