In regards to project management areas, the term of planned value (also known by the two letter abbreviation of PV) is used by the project management team and the project management team leader to refer specifically to actual and finally authorized budget that is determined in the early stages of a project that is assigned by the project management team to the sum total of the scheduled work that is intended to be accomplished as part of the scheduled activity and or as part of the previously determined work schedule breakdown structure. The concept of planned value is of paramount importance to the project management team and it is essential to keep careful track of this. The term planned value can also be in some circumstances referred to by the project management team and the project management team leader as the budgeted cost of work scheduled (a term which itself is known by an anagram, in this case BCWS).