The Value of EVM. Earned Value Management
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1
2 The Value of EVM Earned Value Management
3 Good decisions are based on knowledge and not on numbers. - Plato
4 What is EVM? A project management technique for measuring project performance and progress, in dollars.
5 What EVM is NOT? EVM is NOT a quality tool! You must PLAN for quality WITHIN your project. EVM Project Success EVM = Enhancement Project Management
6 Why use EVM? Early warning signs of deviation from an approved management plan: the Performance Baseline. Establish a common standard of project performance measurement, program control & reporting. Increased transparency between customer and contractor. Quantification of schedule from time to dollars. And
7 Project Management Business Management
8 $ s $ s 2D Project (Business) Management Plan vs Actual 3D EVM Project Management Plan vs Performance vs Actuals Time Now Time Now Under spent? Schedule Behind Schedule? Time Plan Actual Cost Time Plan Earned Costs
9 EVM - Projects Halifax Class Modernization Combat Systems Modernization of 12 Frigates ~ 2B$ contract value ~ 9 years
10 EVM - Projects Arctic Offshore Patrol Ship New Build New icebreakers for Canadian Navy ~ 2B$ contract value ~ 8 9 years
11 What do all these project share? Large, long & complex program High stakeholder engagement High reporting requirements Management engagement to utilize EVM EVM is NOT theory, it is used in practice!
12 Challenges of EVM Tools (s/w & integration) Training (s/w and EVM process) Rigorous reporting cycle EVM cost of implementation EVM cost of execution EVMS Certification requirements (Contractual)
13 EVM Implementation Scheduling Tool (MSP, Primavera) Costing / Accounting Tool (SAP, JDE) EVM Tool (Cobra, EcoSys) Training & Culture Tailor processes Adhere to a Standard ( Ex: EIA-748-C)
14 EVM System 1.Scope - Contract / SOW - WBS, OBS, RAM & WBS Dictionary - Control Accounts 2. Schedule - Work & Planning packages - Resource - Time-phased budget 5. Costs - Booking / charge numbers - Actual costs / bookings 3. EVM Engine - PMB - Performance data - EVM reports (CPR1-5, trends & SPA graph) 6. Analysis - Trend analysis - Variance analysis - TCPI, IEAC - Other PM analysis (e.g. Critical Path Analysis) 9. Change - Change Requests - Change Log - Baseline maintenance - Re-planning - Formal control of scope & budget changes 4. Status Data (Progress) & Forecasts - Achievements (earned value) - Estimates to complete 8. Risk & Opportunity - Exposure (financial, schedule & performance) - Costed Mitigation / Realisation actions 7. Reporting - CAM reports (e.g. one page reports, SWOT, SOFT) - Variance Reports (by exception) - Recovery Plans
15 Integrated as a single system Schedule Scope Cost Communication Contracts Change Risk
16 Earned Value Management Fundamentals Three fundamentals concepts: The budget, known as Budgeted Cost of Work Scheduled (BCWS) also known as Planned Value (PV) The actual cost, known as Actual Cost of Work Performed (ACWP) also known as Actual Cost (AC) The earned value, known as Budgeted Cost of Work Performed (BCWP) also known as Earned Value (EV) Schedule Performance Index (SPI) or SV Cost Performance Index (CPI) or CV 16
17 Example of BCWP Period work: construct the legs of the table Qty 4 Budget per leg: $100 BCWS for the period: $400 ( Qty 4 ) ~ our plan Cost incurred: $660 (6 legs were $110/each) Quantity of legs that were compliant: 2 THEREFORE we earned $200 (2 x $100) of performance BCWS: 400 vs BCWP: 200 vs ACWP: 660 Completed ½ the work at 3 times the planed cost SPI of 0.5 and CPI of 0.30
18 Ways of Earning Value Earned Value Techniques (EVT) Level of Effort no tangible end product basis of measurement: time when clock starts ticking, you automatically accumulate earned value no schedule variance example: management personnel Discrete Physical, tangible end product A quantitative & discrete way to measure the work (% Complete, Milestone) May tie in with success criteria or technical measure LOE should make up less than 20% of the project. e.g., successful completion of a specific test, reliability growth curve
19 Bathroom Renovation
20 EV Metrics Week 1 BCWS W1 BCWP W1 ACWP W1 Removal $300 $300 $100 Material $500 $500 $500 Installation $800 $200 $700 Bathtub $1,000 $1,500 $1000 Period Total $2,600 $2,500 $2,300 SV = BCWP BCWS CV = BCWP ACWP SV P - S SPI P / S CV P - A CPI P / A $ $ $0 1.0 $0 1.0 ($600) 0.25 ($500) $ $ ($100) $ SPI = BCWP/BCWS CPI = BCWP/ACWP
21 Any fool can know. The Point is to understand. - Albert Einstein
22 BCWS W1 Contracts Management Variance Analysis BCWP W1 ACWP W1 Installation $800 $200 $700 SV P - S SPI P / S CV P - A CPI P / A ($600) 0.25 ($500) 0.28 Why SV? SV? Inspection determined that the grading of the existing subfloor was out -of Process tolerance. Management Leveling of the subfloor was required for proper - EAC tile impact installation. Why CV? Due to the unleveled subfloor, the purchase of selfleveling cement and extra labour was required to level subfloor. 23
23 BCWS W1 Schedule Management Impact Analysis BCWP W1 ACWP W1 Installation $800 $200 $700 SV P - S SPI P / S CV P - A CPI P / A ($600) 0.25 ($500) 0.28 Schedule Impact: Delays due to releveling the subfloor may affect the start date of the vanity installation. Tile installation is now on the critical path. Supply Chain Management Cost Impact: Risk Management Extra material and extra labour effort will increase the estimate at complete (EAC). Will incur storage costs for the vanity (offsite) if floor is not finished on time.
24 BCWS W1 Schedule Management Mitigation Plan BCWP W1 ACWP W1 Installation $800 $200 $700 SV P - S SPI P / S CV P - A CPI P / A ($600) 0.25 ($500) 0.28 Schedule : Consider diverting resources to minimize schedule delays and getting off the Cost critical Growth / path. EAC impact Cost: Recommend absorbing the cost of additional resources to avoid paying storage and transportation costs
25 Lets go 15 years into the future 26
26 Vertical EV Cost Type $ 000 BCWS BCWP ACWP Foundation $300 $300 $100 Framing $500 $500 $800 Electrical $800 $200 $700 Plumbing $1,000 $1,500 $1000 Period Total $2,600 $2,500 $2,600 Labour $800 $400 $600 Material $600 $500 $400 Subs $1,200 $1,600 $1,600 Total $2,600 $2,500 $2,600 SV SPI CV CPI $ $ $0 1.0 $(300) 0.6 ($600) 0.25 $(500) $ $ ($100) 0.96 $(100) 0.96 $(400) 0.5 $(200) 0.7 ($100) 0.8 +$ $ $0 1.0 ($100) 0.96 $(100) My project is late!
27 My SPI is 1.0, but my project is late! Why? SPI should be used with caution at macro level Time Now BCWS BCWS 400 BCWP BCWP 400 SPI 1.0 BCWS BCWS 400 BCWP BCWP 400 SPI 1.0 BCWS BCWS 400 BCWP BCWP 400 SPI 1.0
28 Real Life EVMS Application
29 EVMS: Contractual Requirement Customer Expectation of Program Control Standard process of communication Contractor
30 EVMS: Contractual Responsibilities Customer: Ability to understand & assess EVM data Ability to conduct audit Define your reporting reqs (CDRL/SDRL) Contractor: Ability to produce EVM data (CDRL/SDRL) Ready to be audited Adhere to an EVM culture / processes CDRL: Contract Data Requirements List SDRL: Subcontractor Data Requirements List
31 Refine your EVM SOW If the SOW is vague, your EVMS will be contractually compliant, but has little or zero value added EVMS that complies with a standard (EIA 748-C) % of LOE labour shall not be greater then X% EVM as a SDRL to subcontractors A task shall not have a duration longer then X days Schedule Logic Requirements (no open task) Expectation EVM analysis and recovery.
32 IPMR - Format 1
33 IPMR - Format 4
34 EVM Doesn t work my projects are late & over budget! Is EVM really to blame? Was your schedule realistic? Was your status methodology appropriate? Were the estimates too aggressive? Were the thresholds appropriate? Was EVM training given? Were amendments incorporated in time? Were metrics from subcontractors incorporated? Was the EIA-748 guideline followed? Were your requirements well defined? Were planned resources made available on time?
35 EIA-748-C Guidelines 01- Define your Work Scope (WBS) 02- Define Project Org. 03- Integrated Process 04- Identify Overhead Mgmt 05- Integrated WBS/OBS to Create CA 06- Schedule Network Logic 07- Set Measurement Indicators 08- Establish Budget for Auth. Work 09- Budget by Cost Elements 10- Create Work Packages, PP 11- Sum Detail Budget to CA 12- LOE Planning and Control 13- Establish Overhead Budgets 14- Identify MR & UB 15- Reconcile to Target Cost Goal 16- Record Direct Cost 17- Sum Direct Cost by WBS 18- Sum Direct Cost by OBS 19- Record/Allocate Indirect Cost 20- Identify Unit & Lot Cost 21- Track & Report Material Cost & Qty 22- Calculate SV & CV 23- Identify Significant Variances 24- Analyze Indirect Cost 25- Summarize Information for Mgmt 26- Implement Corrective Actions 27- Revise Estimate-at-Complete 28- Incorporate Change in a Timely Manner 29- Reconcile Current to Prior Budgets 30- Control Retroactive Change 31- Prevent Unauthorized Revisions 32- Document PMB Changes
36 The greater our knowledge increases, the more our ignorance unfolds. - JFK
37 For more information Thank you for your participation today! For more information on the contents of this presentation, please feel free to contact me as follows: o Jonathan Shriqui, PMP o jshriqui@fleetech.com o o
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