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