Planned Value in Project Management – Definition and Meaning
The term “Planned Value” in project management refers to the planned, expected, or target values for specific project parameters such as dates (planned dates), costs (planned costs), effort (planned effort), or scope. These planned values are typically defined during project planning and serve as a reference baseline for measuring project progress and analyzing deviations compared to actual values.
Example, best practice, and further information
For a specific project task, for example, a planned effort of 20 person-hours may be defined in the plan. A best practice is to determine and set planned values realistically and transparently during the planning phase based on sound estimates. This aligns with the planning processes described in the PMBOK Guide and estimation techniques used in agile methodologies, providing a solid foundation for meaningful performance assessment and deviation analysis throughout project control.