Both planned value and actual costs matter during this phase because, unlike the other phases, the monitoring and controlling phase takes place for the duration of the entire project. It's important for actual costs to be kept as minimal as possible for this phase since there is potential for costs to rise during a longer phase rather than a short one. Ideally, you want to maximize your output with as little input as possible so planned value is something that should be exceeded, which means that you are exceeding expectations. It's important to note that both planned value and actual costs matter in all phases because there is always a cost and expectations for each phase of the project. As previously mentioned, both are particularly important in this phase because it is the longest phase so the longer something is, the ore likely that there will be added cost during it.

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.

In the monitoring and controlling phase, it is very important to keep track of unexpected growth. That growth can be in terms of monetary value. The project might go through a scope change that would require a larger sum of money to complete. The monitoring and controlling phase helps keep track of those scope changes and those planned and actual costs. It allows for there to be continuous updates to the actual costs and compare that to the planned value.

Money is one of the main driving factors for any project. Many people including investing stakeholders, upper management, and customers are all concerned with how much money the project is consuming. Planned Value and Earned Value can be compared to see whether or not projects are over or under budget and that comparison has the power to derail the entire project if it gets out of hand. When in the monitoring and controlling phase, project managers need to be aware of what their costs are and how it could affect the end-product and projected completion. Variance can be applied to not only the budget but even the schedule as well. If these numbers are positive it is a good indicator of a project's probability to succeed. Even if they are negative, there is still a chance to meet the original goals if the correct actions are taken.

Planned value and actual costs, relating to the overall budget is one of the most important factors, if not the most important, in product development. While it would be nice to say money doesn't matter, and the goal is only to create the best product. That is not the case. Money is the driving factor behind product development and minimizing costs while creating a successful product. Maintaining an accurate view of the estimate spending up to a certain point in the process, actual costs, amount of work scheduled to be completed, and how much work has actually been done is incredibly important not only to stay on track with the timeline for development. But to stay on financial track, ensuring there will be enough money to finish the the development process and get the product to market.

planned value is the value that should have been earned during that term. It defines that a percent of work should have been done in a particular given term. This value when calculated helps to determine that, Is the project Ahead, On or behind the time. Thus the measuring of this value can help take action to control If the project is behind the time and there is more work to be done to keep the project on time. While the actual cost is the expenditure that has been done till this time of project. This measure helps determine that what should have spend and what is the actual expenditure till now. Further controls over expenditure can be done to be on budget at the right time with measure of the actual costs.

In my opinion, it simple falls down to profit. The project is expected to launch at a certain time and make a certain amount of money. If you spend more than you were initially budgeted for, you'll cut into the profit margin of the product. If you spend less, you increase the margin. If the project gets too expensive, the company may even want to put it on hold or scrap it altogether.

Planned value (PV) and actual cost (AC) are values that are implemented during the monitoring and controlling phase to give the project manager an idea of their progress in terms of time and budget. The degree of progress made is expressed in relation to a variance in pre-established scheduling and costs. Schedule variance is the difference between how much a project is worth and how much it should be worth at any given point in time. This outcome will determine if a project is ahead or behind schedule (a higher earned value/current value is always desired over the planned value). Cost variance is the difference between how much a project is currently worth compared to how much was spent on it, thus determining if the project is going over or under budget. These time and money-based variables are implemented during this phase so that they can be addressed through any corrective actions towards whatever caused the variance.

Factors that make up the monitoring & controlling phase include, but are not limited to resolving conflicts, generating reports on team members as well as the team itself, and administering contracts. If a project is behind schedule or over budget, how might these factors come into play in terms of regulating corrective actions? Is there a standard level of variance among medical device projects that act as a threshold to determine whether a project should continue or not? The risk management process occurs back in the planning phase, however it still provides a list of actions in the face of project deviations, such as avoidance, mitigation, transferance, or acceptance. Can risk management be performed during the monitoring and controlling phase as well?

Planned value is the value of the work which we are supposed to have on the deadline date. While the actual cost is what the task actually finish up costing when the project completes. These both values are an important factor in monitoring and controlling phase. Actual cost is based on the time as the project progresses. There are many other aspects of the project that can affect the cost value. Projects can be designed while keeping all the risk in the mind. Having the actual cost either higher or lower than the planned value determine how well the budget was taken care of and cost variance throughout the project.

In my opinion, the actual vs planned costs of the project should be evaluated after each stage of the project (monitoring). In certain scenarios, it is better to go over planned costs for the sake of insuring a good quality than cutting down costs to stick with the planned budgets and having your device not working efficiently. 

That being said, Also always explore different vendors, and alternative companies for cheaper parts/resources needed for the project. 

Planned value is the assumed value of the work/expense to be completed in a given time whereas the actual cost is the total expense incurred upto date. It will be a better budget planning if the actual cost does not exceed the planned value. Planned value is a predicted value that is to be targeted and should meet as per plan of the project. After the project is completed, it ends up with the summing of the actual cost invested in the whole time of the project. Planned value and actual cost helps the project to be in control and in budget.

Planned value and actual cost matter in each phase equally because it allows the team to determine budget status and scheduling. This also allows the team to figure out risks in the plan and come up with strategies to over come it. Additionally, this will let the team in upper management decide whether or not a project is worth following through if there are too many road bumps. If major setbacks arise and were not planned ofr it the planned value and actual cost make increase significantly and will make it obvious for projects to shut down prior to completion.

These metrics are important in determining the status of a project. The planned value is an important metric to determine up-front, as that will indicate to leadership how much a project will potentially generate, and will indicate whether the project is even worth working on or not. The actual cost is important to understand how much money has been invested into the project at a certain point in the timeline. As Dr. Simon mentioned, if you are spending more than the project is worth, it probably doesn't make sense to even be working on the project since it's costing you money at that point, and you're not making a profit. It is also important to check in on these metrics throughout the project, as this will indicate the status of the project and highlight if things are going well, or if changes need to be made to get the project back on track. 

In addition to what the others stated above, I believe it should be done to each Task or even sub-tasks. so If there was any over-budget tasks we can check to see how and why, it helps to track every thing and keep an eye on whats going on.

Since planned value and actual costs have already been defined in the previous posts, I would like to add that the planned value and actual cost metrics not only provide information on the success of the project, but could also give insight on the quality of the project or product itself. If the planned and actual value of the product is very high compared to previous planned and actual values on a similar product, then it could show that this product is of a higher quality or is made of higher quality materials than previously used. On the other hand, if the project ended up costing a lot less than what was planned, then it may be due to the purchase of cheaper materials or lower-quality materials. Furthermore, I believe that for new smaller businesses or start-up companies, the planned value and actual costs are even more crucial to keep in mind than for a well-established company, since going over-budget may not even be feasible or would put a greater deal of stress on the company. Therefore, planned value and actual cost metrics could provide some insight on the quality of the product and may be of greater importance for new start-up companies.