Earned Value for Field Operation in Oil and gas
- Created
- 1
- 2
Hi,
Pls can anyone tell me how to apply earned value analysis to field ops on oil and gas.
We hold a monthly meeting and all that is shown is what was bugdeted and what was spent. there is no mention of what was achieved.
I understand that the kinda activities are quite not same as EPC.
Cheers
1 reply
Oldest first- 0Stephen Devaux ·
Hi, Bobo Kay.Sorry to
Hi, Bobo Kay.
Sorry to disappoint, but there really is NO way to perform earned value analysis without knowing what has been achieved.
Let us imagine that we are going on a 200 mile car trip. We expect it to take four hours. We have exactly nine gallons of gas in the car. The first 100 miles are uphill and we expect to get 20 miles per gallon. The second 100 miles are flat, and we expect to get 25 miles per gallon.
After two hours, we have used exactly 5 gallons. But unless we know how many miles we have driven, we have no idea if we are:
- On target to finish in four hours, or
- Have enough gas to make it the rest of the way.
Your organization needs to:
- Budget by work item;
- Schedule the work items;
- Track the work items in terms of when they are completed; and
- Measure what each work item actually cost in comparison to its budget.
Hope that helps.
Fraternally in project management,
Steve the Bajan
Log in or join to reply
ProjectControls.com is free to join. Members can post questions, reply, vote and follow discussions.
Existing members: your original username and password still work. Forgot password?