Planned value is similar to EV (earned value.) Planned Value is also known as The Budgeted Cost of Work Scheduled (BCWS). Like EV, it has a simple formula with similar problems. Planned Value is equal to the planned state of completion on a project PV multipled by the BAC. The formula is written as PV = (Planned % Complete) X (BAC)
PV is what you expected to complete whereas EV is what you've actually completed. But the BAC is a moving target so PV = % complete x BAC will produce different figures over the course of a project but with increasing accuracy. There isn't much complexity in the formula but it's important to know because many other metrics use it as an input variable.
Take for example:
The BAC is 20,000. According to the schedule the project is supposed to be half complete. This means that PV = 20,000 x .5 = 10,000. EV and PV can be different numbers. If the project is behind schedule PV will be greater than EV and vice versa. As a variable EV and PV are not alike. EV is uncertain and PV is certain. PV is only what the schedule indicates whould be completed. Whereas EV is the actual real-world progress.