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(EVM-1269) Best Value Performance Measurement

Primary Author: Mr Richard C Plumery EVP

Audience Focus: Intermediate
Application Type: Application
Venue: 2013 AACE International Annual Meeting, Washington, DC, USA

Abstract: What does “lean” mean in terms of project execution to you and your organization? How does one get the best value from project performance information to better manage the additional risk that lean execution brings to Engineer-Procure-Construct (EPC) projects? Is there continual criticism by the project team and upper management for the inaccuracies derived from the Earned Value Management System indices? This paper will focus on maximizing the value and clarity of information produced by project performance information systems to tell the project’s story. This will be accomplished by demonstrating how to refine the accuracy of the Earned Value indices with techniques that are applicable to most EPC projects. Then when these refinements are combined with an added focus on the project’s risk critical elements they will provide a best value solution to project performance measurement on lean projects. Additionally, this paper will demonstrate how to use a unique correlation graph to tell the project’s story more accurately and also help re-establish the credibility of our Earned Value indices. Let’s work “SMARTER” not harder.