White Paper
AACE Earned Value Management
Overview
Earned Value Management AACE Recommended Practice: Using ARES PRISM to Conform to the AACE International RP 82R-13.
This white paper explores the 32 EVM principles in the ANSI standard EIA-748C; taking these 32 principles and associating them with the National Defense Industrial Association’s (NDIA) Earned Value Management Systems Intent Guide. Learn how to use ARES PRISM to conform to the AACE International Recommended Practice 82R-13 today.
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“ARES PRISM conforms to the requirements of the AACE recommended practice 82R-13 but still offers the flexibility needed to emphasize EVM principles most useful to the user. There is sufficient structure to the tool to encourage cross-project consistency and adequate flexibility to allow for continuous improvement.”
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Recommended practice 82R-13 is an overview of Earned Value Management (EVM) principles as they fit into a total cost management framework. This recommended practice describes, in brief, the thirty-two EVM principles in the ANSI standard EIA 748C. It takes these 32 principles and associates them with the National Defense Industrial Association’s (NDIA) Earned Value Management Systems Intent Guide. When making this connection, this recommended practice describes the essential points of the NDIA intent guide. NDIA recommends EVM for all programs which deliver a product or measurable outcome. The point of EVM is that during the process of creating an asset it is insufficient to measure the growing costs of a project. You will always be surprised by the total cost at the end. It is critical to determine how much work has been accomplished and compare that to the growing costs and against a well thought out plan. From these ideas come all the EVM concepts of a Performance Measurement Baseline, measurable progress of the work, budgeted cost of the work performed (i.e. Earned Value), actual costs, schedule variance, cost variance and so on.
