What is Planned Value (PV)?
Planned Value is the authorized budget for the work scheduled to be done by a given date — in plain terms, "what should be finished by today, expressed in dollars." It's the baseline you compare reality against.
PV never changes based on performance; it comes straight from the plan. That's exactly what makes it useful — it's the fixed yardstick that earned value and actual cost get measured against.
Formula
PV = Planned % complete × BAC
Worked example
Your project has a budget (BAC) of $100,000 and, per the schedule, 40% of the work should be done by today. PV = 40% × $100,000 = $40,000 — the value of the work you planned to have completed by now.