September 30, 2009 PMI VI Networking Dinner Event

Presenting guest speaker Frederick Black, PMP, EVP, MSPM

EARNED VALUE

Value is defined as: 

Monetary Worth - an amount thought to be a fair eschange for something.

Full Recovered Worth - the adequate or satisfactory return on, or recompense for something.

All project sponsors are looking for value.  They want a fair exchange for the money they are investing in the project.  In common business terms, they want a favorable Return On Investment.

In project management, the value of a project is scope completed on or ahead of schedule, at or under budget and meeting all the requirements.  That is what the project sponsor wants and needs.  We need to constantly integrate scope, schedule and cost to deliver value.  The key word is, integrate.  We, as professional project managers have an obligation to provide value in return for our sponsor's investment. 

Are you tracking value on your project?  You are probably tracking progress to schedule and cost to budget but have you integrated scope, schedule and cost?  How do you know you are providing value?  How does your sponsor know he or she is getting a good return on investment?

Mr. Black is president of BLAX Professional Project Management, LLC - an independent project management consulting firm he founded in 2001.  His most recent position in industry was as Director of Program Management at B/E Aerospace - a leader in the design and manufacture of aircraft interiors.  He also led the Program Management Best Practices Implementation program at Boeing Commercial Airplanes.

Mr. Black published his first book "Project Cost Management" in 1999.  He is a certfied Earned Value Professional.  Over the past few years he has been a guest speaker at international project management conferences in Paris and Sydney, and taught project management at Eurocontrol in Brussels for University of Pole' DeVinci in Paris and industrial purchasing and negotiation at ESC School of business in Lille, France.  Mr. Black has presented a number of papers and taught workshops on various project management subject at PMI symposia in Seattle, Houston, Philadelphia, Atlantic City, and in San Antonio.

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