Planned value (PV) and actual costs (AC) does matter in the monitoring and controlling phase as both are essential for the controlling and monitory phase as each would have a direct impact on the project budget. PV is defined as the approved budget allowed to be spent on the project to be accomplished “predicted”, while AC is the actual amount of money spent on the project up a specific date. Having a nearly accurate planned value in a project would make it easier for the project manager to trace the budget and to ensure that the work is on the right track. This can be achieved by preparing an accurate timeline of the project to show the complete budgeted project value/cost. The actual cost can be then calculated and compared to the planned value.