The earned value system begins with time-phased costs that provide the project baseline called what?

The earned value system incorporates a key element known as Budgeted Costs of Work Scheduled, which establishes the project baseline. This baseline is crucial because it reflects the planned value of work that is scheduled to be completed up to a specific point in time. It serves as a reference for measuring performance against the project schedule and budget.

By using the Budgeted Costs of Work Scheduled, project managers can evaluate how much work was supposed to be completed by a certain date, thus creating a foundation for measuring progress, analyzing variances, and forecasting future performance. It allows for an objective assessment of whether the project is on track in terms of both schedule and cost.

The other terms listed do not directly correspond to the established baseline in the context of earned value management. For instance, while the Planned Value of Work Performed reflects what is actually scheduled and helps assess performance, it is not the terminology specifically used for the initial budget baseline. Hence, selecting Budgeted Costs of Work Scheduled encapsulates the foundational concept necessary for tracking project progress within the earned value management framework.