Quentin Fleming Responds
Kathy and Brenda:
The Planned Value represents the authorized tasks and management's budget for the authorized tasks.
The Earned Value represents the completed authorized tasks, and the same budget for the completed tasks.
Earned Value has nothing to do with money spent.
SV = EV - PV.
CV = EV – AC
My review of the PMBOK 3rd edition is consistent with the above.