Earned Value – Benefits and Misconceptions

Earned Value Management (EVM) and Earned Value Management Systems have been around since the 1960’s and used primarily on large government defense projects.  In the late 1970’s, earned value systems become prevalent in the Architectural and Engineering industries and moved into large construction projects.  Over time it migrated into use by many large, medium, and even small contractors.

Question:  Is EVM really as complex as seen in some mega-projects, or can it be used in smaller projects?

Question:   How can Earned Value help my management team while not bogging them down so much that a dedicated cost engineer is needed to manage it?

With all the questions that revolve around how Earned Value can be used to support a manager’s ability to manage the health of a project, you need to understand that Earned Value will not solve your problems.  Though Earned Value; evaluation of cost, schedule, and earned work values will not provide management the true value of a project’s health, it can provide a very functional process to enable management teams to systematically measure performance and make timely and informed decisions that will support management’s decisions with more refined and accurate information.

What to expect from this webinar:

Clear understanding of what Earned Value is

• Why do we care about Earned Value? Key benefits and misconceptions
• Key Acronyms and usage

Earned Value Setup

• Work Breakdown Structure (WBS) – Detailed
• Key Rollup items – High Level

Tracking and Updating

• Cost
• Schedule
  • Percent Complete
    • Typical errors (% Complete tracked on money)
    • Inexperience
  • GIGO (Garbage In – Garbage Out)

Output

Evaluation of Information

• Decisions

Misconceptions

Errors in EVM

Questions and Answers

INSTRUCTORS:

Gregg Smith, EIT, is a Program Manager with Currie & Brown for new Transmission Line Development serving the Western United States.  With 26+ years in Construction, he spent 14 years in Heavy Civil (Field and Project Engineer, Superintendent, Project Manager), 6 years in Energy Project Management and 6 years as a Consultant to various owners in Manufacturing, Microchip, Social Media, and Energy.  He has also served as Change Management Manager, Scheduler, and Procurement Manager.

Sara Zetune has 12+ years’ professional experience in analysis and management of large-scale infrastructure programs and policy initiatives. She has experience planning, structuring, and managing these projects under public-private partnership models and traditional procurement routes. She is a Senior Project Manager with Currie & Brown overseeing multiple substation developments in Utah, Wyoming, and Colorado.  Sara has an MA in Public Policy from Duke and a BA in Economics and Biology from UPenn.

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