What represents the planned value of work that has actually been completed?

Earned value is a key concept in project management that represents the planned value of work that has actually been completed by a certain point in time. It allows project managers to assess progress in terms of budget and schedule by providing a dollar value of the work performed. This measure is crucial for evaluating project performance and is calculated by multiplying the percentage of completed work by the total planned value of the project.

Using earned value, project managers can determine whether the project is on track, behind schedule, or ahead of schedule. It serves as a basis for further analysis, including performance measurement and forecasting future performance, making it an essential tool for maintaining control over the project.

In contrast, actual cost refers to the total costs incurred for the work performed to date, while planned value is the budgeted amount for the work that was planned to be completed by a specific time. The cost performance index is a ratio that compares earned value to actual cost, providing insight into cost efficiency but not directly indicating the work that has been completed. This makes earned value the correct answer when assessing the value of work that has been accomplished within the project framework.