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Who Is an Earned Value Professional ?

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Earned Value Professional has been around for a long while (since 2005, AACE has given the certification) as one of the most valuable project management and engineering construction certifications.

According to AACE, till January 2017, 500 active EVPs used project performance management methodology with earned value.

Who Is an Earned Value Professional, and What are Their Roles?

An EVP or an Earned Values Professional is the leader of an organization’s EVM workforce. The EVP can design an ANSI 748 compliant EVMS, provide EVMS process engineering, advise corporate leadership on EVMS, and interpret EVM performance data. The Earned Values Professional can participate in the project proposal, pricing, planning and scheduling, risk management, and other project activities. The EVP understands the domains of professionals in the areas we mentioned above. The EVP is the EVM specialist and instructs the other field experts about the aftermath of their decisions upon the EVM baseline and the utility of performance data. The EVP understands the Project’s political environment and how to best communicate EVM performance data in each instance and audience. Finally, the EVP is responsible for providing well-written, logical, and persuasive transmission to their team, corporate leadership, and the customer.

But What is EVM or Earned Value Management Knowledge?

Earned value management (EVM) is a project management methodology that combines schedule, costs, and scope to secure project performance. The EVM specialist predicts the Project’s future based on planned and actual values and enables project managers to adjust accordingly.

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EVM requires quantifying the “value” of projects’ advancement over time using the same unit of measure employed to plan the projects’ budget.

The EVM guidelines incorporate the best business practices for earned value management systems with substantially benefit programs, enterprise planning, and control.

 What Are the EVM Guidelines?

The Electronic Industries Alliance (EIA) 748 Standard for EVMS Revision D includes a set of 32 Guidelines that define the provisions that an Earned Value Management System (EVMS) must meet and is the governing document for its application.

These 32 guidelines in the EIA-748 standard for EVMS divides into five areas:

The Electronic Industries Alliance (EIA) 748 Standard for EVMS Revision D includes a set of 32 Guidelines that define the provisions that an Earned Value Management System (EVMS) must meet and is the governing document for its application.

These 32 guidelines in the EIA-748 standard for EVMS divides into five areas:

  1. Organization: 5 guidelines focus on the contractor-established work breakdown structure developed down to a level that describes the Performed tasks and their relationship to product deliverables.

  2. Planning, Scheduling, and Budgeting: 10 guidelines for the basic requirements of planning, scheduling, and establishing the time-phased budgets of the tasks.

  3. Accounting Considerations: 6 guidelines for capturing actual costs of long-standing projects. The project’s actual costs should be uniform with how work is planned and budgeted.

  4. EVMS Analysis and EVMS Management Report: 6 fundamental guidelines that require human attention to cost and schedule variances, documenting cause, impact, and correction action. The variance calculations during Earned Value Management analysis are at the control account level, which allows the ability to summarize the data through the WBS and the OBS.

  5. Revisions and Data Maintenance: 5 baseline control guidelines emphasizing disciplined and timely incorporation of customer-directed changes, including stop-work orders.

EVM is not just about forming the Earned Value KPIs but also about merging cost, schedule, and other related project management Practices with risk management to supervise a project.

Using Earned Value Management can improve the analysis of a project, especially as it relates to cost comparisons, over classic project financial reckoning.

 Why is EVP Valuable for a Project?

The EVP specialist will be qualified to lead an organization based on Earned Value Management and will be responsible for:

  1. Designing an ANSI 748 according to EVM principles

  2. EVMS process engineering,

  3. consult corporate supervision on EVMS

  4. Analyze EVM performance data.

  5. Active participation in the proposal, pricing, planning, scheduling, risk management, and other project activities

  6. Advisement of the other field experts about the ramifications of their decisions upon the EVM baseline

  7. Understanding the Project’s political environment and

  8. Communication of EVM performance data

  9.  Providing well-written, logical, and persuasive communication to the project team, corporate leadership, and the customer.

But Who Needs an Earned Value Professional Certification Workshop and Certification?

 The above data shows EVP is valuable in different projects and job categories! But what are the pre-qualifications to become an EVP certified?

The EVP application requires Eight years of industry-related experience or four years of industry-related experience plus four years of an industry-related college degree.

The industry we talk about is “cost engineering.”

This experience should be in EVM (Earned Value Management), cost estimating, cost analysis, or related projects.

The workshops are beneficial for:

  • Those who plan to write the exam and want to minimize their study time and speed up their learning process

  • Anyone interested in achieving a fundamental knowledge of the Earned Value Management System (EVMS)

  • Project managers, project controls personnel, engineering managers, construction managers, lead engineers, and similar roles

  • Anyone who chooses to excel in their career growth in project controls, cost engineering, and contract administration

With the help of EVP workshops, you can gain and maintain the EVM body of knowledge based on the newest findings and requirements.

 Let’s Talk About EVP Workshops Objectives & Outlines:

The Earned Value Professional workshops prepare the attendees for the certification exam by reviewing subjects and sample questions. It’s also worth mentioning that individuals who want comprehensive knowledge about Project cost control and Earned Value Management can benefit from the workshop.

The course outlines are:

EVM Basic Concept and Definitions

  • Scope Definition and Organizational Requirements

  • Planning, Scheduling, and Budgeting

  • Accounting Considerations

  • Earned Value Analysis and Draft Management Reports

  • Revisions and Data Management

If you complete the course according to the outlines we mentioned above, you will have the objectives:

  • Recognition of the Earned Value Management (EVM) Identification of personal knowledge gaps
  • Learning to recognize the concept behind the Earned Value formula, rather than relying on memorization

  • Using specific techniques for answering the EVP exam questions

  • Composing of an earned value analysis report.

  • Analyzing and estimating project health status based on the given accumulated value data

So As you can see, workshops and courses benefit you if you want to earn your EVP certification. The AACE Earned Value Professional exam is not easy to pass!

Consider finding a workshop best suited for your needs, requirements, and objectives!

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