Primary Author: Dr. Peerapong Aramvareekul, EVP PSP
Co-Author(s): Ronnie D. Stephens
Audience Focus: Basic
Application Type: Application
Venue: 2014 AACE International Annual Meeting, New Orleans, LA, USA
Abstract: Earned value management (EVM) is an important project management tool and is considered one of the best techniques for supporting project decision making.
For engineering and construction (E&C) projects such as those in the oil and gas industry, EVM must be planned at the very beginning of the project and integrated in the basic project controls deliverables. EVM should be incorporated throughout each project stage gate.
Just like any good tool, applying techniques incompletely or misinterpreting data can mislead the results or lead to ineffective decision making. EVM itself has some pitfalls; therefore it is important to understand the constraints in order to implement an EVM process. EVM for analysis is not a “one size fits all” methodology and therefore ranges from establishing milestones to tracking details (hours, quantities, costs). This paper will suggest levels of EVM components are necessary for various project deliverables: schedule, cash flow, work breakdown structure, etc.
Co-Author(s): Ronnie D. Stephens
Audience Focus: Basic
Application Type: Application
Venue: 2014 AACE International Annual Meeting, New Orleans, LA, USA
Abstract: Earned value management (EVM) is an important project management tool and is considered one of the best techniques for supporting project decision making.
For engineering and construction (E&C) projects such as those in the oil and gas industry, EVM must be planned at the very beginning of the project and integrated in the basic project controls deliverables. EVM should be incorporated throughout each project stage gate.
Just like any good tool, applying techniques incompletely or misinterpreting data can mislead the results or lead to ineffective decision making. EVM itself has some pitfalls; therefore it is important to understand the constraints in order to implement an EVM process. EVM for analysis is not a “one size fits all” methodology and therefore ranges from establishing milestones to tracking details (hours, quantities, costs). This paper will suggest levels of EVM components are necessary for various project deliverables: schedule, cash flow, work breakdown structure, etc.