Project Management

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Topics: Cost Management, Earned Value Management, PMO
Earned Value Analysis (EVA) - Must Read
Asset-centric, work step weight factor-based project activity tracking is the remedy for project cost increases, schedule slippages, and degraded quality. Furthermore, asset-centric, work-step weight factor-based activity management is the ultimate way for EVA.

Asset-centric means that each physical asset to be engineered, procured, constructed, and handed over during a project is characterized by a unique tag in a database.

Work step weight factor-based project activity tracking means that every tag has many work steps (activities) over a project lifecycle that can be tracked.
Each work step has a weight factor based on the asset units of measure and estimated manhours for the work package that it belongs to.
Work packages defined in a planning and scheduling environment are used and combined with a rule-based, activity generation tool to generate the activities and populate each work package
By using an integrated and multidimensional asset and activity model, each work step is tracked and when completed this gets time-stamped and contributes to the EVA calculations which can be aggregated and further analyzed by project phases (e.g. engineering, procurement, construction, commissioning, hand over, etc.) plant areas, disciplines, asset or activity types, etc.
Integrating of timestamps and of the work step status change, further leads to a near-real-time EVA.
Contact me if you want to know more about how an asset-centric, work step weight factor-based project activity model from a megaproject with 13 disciplines and hundreds of thousands of activities can be similarly applied for your next project so that it can be completed on time and on budget.
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"One of the symptoms of approaching nervous breakdown is the belief that one's work is terribly important."

- Bertrand Russell