Definition:
The estimated value of work planned to be completed by a given point in time.
Key Components:
- Schedule Baseline Reference: Determines expected project progress.
- Budgeted Cost: Aligns with project financial planning.
- Performance Tracking: Compares actual vs. planned progress.
Use Cases/Industries:
- Construction: Evaluating projected costs for different project phases.
- Energy Sector: Estimating completion percentages for pipeline projects.
- Manufacturing: Tracking planned production volumes.
Advantages:
- Provides a structured approach to budgeted scheduling.
- Helps assess project efficiency.
- Supports Earned Value Management (EVM).
Challenges:
- Can be skewed by unrealistic baseline schedules.
- Requires regular updates to remain relevant.
Related Terms:
Earned Value, Estimate at Completion, Schedule Variance
Example:
If a project plans to complete 60% of work by Q3 with a budget of $2M, then PV = $1.2M.
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Synonyms:
Budgeted Cost of Work Scheduled (BCWS), Expected Progress Value, Forecasted Completion Budget
