Planned Value (PV) is a project management term that represents the estimated value of work that should have been completed by a specific point in time. It is calculated based on the project's budget and schedule, helping project managers assess progress and performance. PV is essential for measuring how much work was planned versus what has actually been accomplished. In project management, PV is part of the Earned Value Management (EVM) system, which integrates scope, schedule, and cost. By comparing PV with actual performance metrics, such as Actual Cost (AC) and Earned Value (EV), managers can identify variances and make informed decisions to keep the project on track.