Final answer:
The authorized budget for work planned to be accomplished as of the status date is referred to as the Planned Value. This is the baseline value that facilitates project performance assessment. Actual Costs, Earned Value, and Estimate to Complete are related but distinct terms within project management.
Step-by-step explanation:
The authorized budget assigned to the work that will be accomplished as of the status date is known as the Planned Value (PV). When examining project performance and progress within project management, the Planned Value is the baseline against which actual performance is measured. It represents the budgeted amount for work that's expected to be completed by the status date.
Actual Costs (AC), also known as actual expenses, represent the real funds spent on the work completed by the status date and are an important part of project cost management but do not represent the value of work planned to be accomplished.
Earned Value (EV) reflects the authorized budget for the performed work that has been completed up to the status date. It's crucial to measure what has been achieved with the budgeted amount.
The Estimate to Complete (ETC) is the forecasted cost to finish all the remaining project work and is not the budget for the work planned to be completed by the status date.