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(EVM-1848) CIS: Utilization of Earned Value Management for Monitoring Production Facilities

Primary Author: Ms Elena Rybina
Co-Author(s): Mr Dmitriy Skorobogatov; Mr Sean T Regan CCP CEP; Ms Julie K Owen CCP PSP

Audience Focus: Intermediate
Application Type: Application
Venue: 2015 AACE International Annual Meeting, Las Vegas, NV, USA

Abstract: The Earned Value Management System (EVMS) is one of the most effective and commonly used tools for project control and forecasting project execution. EVMS was proven based upon sound methodological principles and is relatively unchanged for the many decades. However, many variable factors appear related such as the specific type of project, contractors, and a range of external conditions. These factors require fine-tuning of EVMS tools for correct implementation. This paper addresses the following aspects of EVM application:

1. Measuring project progress in the context of contractor data manipulation.
2. Calculating EVM indices in technology intensive projects where major equipment represents a substantial part of the project budget.
3. Forecasting project execution dates and utilizing EVM indices.

The paper describes both methodological and practical aspects of EVM application considering the factors above. Practical implementation of EVM will be demonstrated based upon a Russian company case study. The Russian company is involved in technology intensive production and utilized for the practical framework discussion purposes.