The planned value is the amount the project should have spent to reach this point in the schedule. Because the project is scheduled to last one year with the work completed in separate parts each month, month three represents 25 percent of the project, or $100,000. 1 is incorrect because $20,000 is not the planned value. 2 is incorrect because $35,000 is the actual cost. 3 is also incorrect because $80,000 is the earned value