Amr Asran, PMP®’s Post

The Value of Work Done (VOWD) is a key performance indicator used in project management, particularly in the oil and gas industry, to assess the progress and financial status of a project. VOWD represents the value of work that has been completed on a project up to a certain point in time, typically expressed in monetary terms. Here are some key details about the Value of Work Done (VOWD) in the oil and gas industry: 1. Calculation of VOWD: VOWD is typically calculated by multiplying the physical progress of the project (expressed as a percentage of completion) by the budgeted cost of work scheduled for that same period. The formula for calculating VOWD is as follows: VOWD = % of work completed x Budget at Completion (BAC). 2. Importance of VOWD: VOWD is an essential metric for project managers and stakeholders to assess the performance of a project in terms of cost and schedule. It provides insights into how much work has been accomplished relative to the budgeted cost, helping to track project progress, identify potential issues, and make informed decisions. 3. Earned Value Management (EVM): VOWD is a key component of Earned Value Management (EVM), a project management technique that integrates project scope, schedule, and cost to evaluate project performance. EVM uses metrics such as VOWD, Budgeted Cost of Work Scheduled (BCWS), and Actual Cost of Work Performed (ACWP) to assess project health and forecast future performance. 4. Variance analysis: By comparing VOWD with other EVM metrics, project managers can conduct variance analysis to identify cost and schedule deviations, assess project performance against the baseline plan, and take corrective actions to address any issues or risks that may impact project outcomes. 5. Reporting and communication: VOWD data is often reported in project status reports, dashboards, and performance metrics to provide stakeholders with a clear picture of project progress, cost performance, and schedule adherence. Effective communication of VOWD results helps to ensure transparency, accountability, and alignment among project team members and stakeholders. Overall, the Value of Work Done (VOWD) is a critical tool in project management, particularly in the oil and gas industry, for evaluating project performance, monitoring progress, and optimizing cost and schedule outcomes. By incorporating VOWD into project management practices, organizations can enhance project control, decision-making, and ultimately, project success.

In our industry, it's imperative that we are able to wade through the information to get a clear and concise picture of what has been and what still needs to be done - thank you to Energy Voice for sharing this article about best practice in P&A project management https://lnkd.in/eM7-2geQ

Discovering the Oil Completion Tools Industry The oil completion tools industry plays a crucial role in the overall oil extraction and production process, focusing on the completion phase where wells are prepared for production. This vital stage ensures efficient and safe extraction of oil resources, driving the need for effective project management. Project Management: Driving Force of Efficiency In the dynamic world of oil completion tools, project management serves as the backbone for delivering successful projects. From planning and budgeting to risk management and team coordination, project managers navigate complex challenges to achieve timely and cost-effective results. My Role at Persia Energy Development Company (PED) As a Project Manager at PED, my responsibilities revolve around leading cross-functional teams, developing tailored solutions for our clients, and ensuring seamless project execution within budget and timeline constraints. My journey at PED has been filled with valuable experiences, including: Successfully managed multiple projects for top industry clients, resulting in a 15% increase in customer satisfaction. Designed and implemented innovative project management processes, reducing project execution time by 10%. Developed strong relationships with clients, fostering trust and facilitating smooth communication throughout project lifecycles. In conclusion, the oil completion tools industry relies heavily on project management to drive operational excellence and meet client expectations. My experience at PED has provided me with valuable insights and a deep appreciation for the impact of project management in this sector.

Thrilled to announce that I've successfully passed my PMP exam and earned my certification, reinforcing my commitment to excellence in project management! Reflecting on the core principles I've honed throughout my PMP journey, it's clear how directly applicable they are to the dynamic landscape of the oil and gas industry. 🌟 Integration Management: Seamlessly coordinating diverse project elements mirrors the intricate processes involved in oil and gas projects, ensuring smooth operations from exploration to distribution. 🌟 Scope Management: Defining project boundaries is essential in an industry where clarity is key to optimizing resources and minimizing risks.🌟 Time Management: Precision scheduling is paramount in an environment where every moment impacts productivity and profitability. 🌟 Cost Management: Effectively controlling expenses safeguards project viability in an industry prone to budget fluctuations. 🌟 Risk Management: Proactively identifying and addressing uncertainties is central to maintaining project resilience amid the volatile oil and gas market. 🌟 Stakeholder Management: Cultivating strong relationships with diverse stakeholders mirrors the collaborative spirit necessary for success in the oil and gas sector. I'm excited to apply these invaluable PMP principles to drive excellence and innovation in oil and gas projects, contributing to their success and sustainability.#PMPCertified #OilAndGasIndustry #PMP #ProjectManagement #OilAndGas

"PMP certification renewed! 🎉 Still herding cats, juggling deadlines, and turning chaos into (somewhat) organized plans. Here’s to a few more years of telling people, 'Yes, it’s in the project plan!' 😎 #PMP #ProjectManagement #CertifiedAndTired" #oilandgasprojectmanagement #projectmanagement #riskmanagement #projectmanagement #projectmanager ##teammanagement #oilandgas #energy #projectmanagementconsultant #pmp #planning #monitoring #riskmitigation #petroleum

What makes a successful #construction project? Based on the author’s experiences in the energy sector, this article examines guidelines for effective #projectmanagement control from the owner’s perspective. It discusses front-end loading (FEL), the elemental components of a stage gate process applied to project management, and more. #constructionmanagement #constructionconsulting #internationalprojects #constructionindustry

MONITORING AND CONTROLLING PHASE in project management includes:1. Monitoring progress2. Identifying variances3. Analyzing performance data4. Taking corrective actions5. Communicating with stakholders.

It’s time for Project Management 101 🎓 Before ground breaks on clean energy demonstration projects, applicants must first embark on the application and award negotiation process. These two steps help ensure that OCED selects the most promising, intentional, and impactful projects for funding. Once a funding opportunity is announced, OCED often takes hundreds of applications from across the country into consideration. Our expert internal and external reviewers rigorously evaluate applications based on merit and the criteria listed in the funding announcement and make recommendations to DOE selection officials, who then select projects to begin award negotiations.  Then, the merit reviewers’ feedback may be used to inform award negotiations to further improve the projects before the first phase of funding is awarded. At the conclusion of negotiations, OCED releases a project fact sheet and summary of the community benefit commitments for Phase 1.   Stay tuned for more Project Management 101 to learn about planning, development, and more! Learn more: https://lnkd.in/emTPKsEm

Reading through my Feed this morning, I’m reminded of this real example of what could happen when you shoot the messenger rather than listen to the message. And I wonder if some of these now shelved projects we read about had a similar moment. Kind of makes you wonder what might have been. Unless you’re rolling in cash, every project is critical and every project is important. That’s why you can’t afford to put all of your eggs into the rose-colored basket of optimism bias. It’s also why just having good project controls isn’t enough- you need an organization that uses these tools and processes and individuals. No-one wants to be the bearer of bad news. But neither do they want their name associated with yet another case study of why projects fail. #projectmanagement #projectcontrols #projectservices

I realise that one of the new practices is trying to downgrade the project manager functionality simultaneously under one new position, asking the project manager to manage the project with full function without full authority and becoming a people pleaser. The new function calls the product owner the new name for traditional business analysts. In agile practice, they try to upgrade this kind of position to the highest rank without having the proper knowledge of project control management and only by having a deep understanding of the product requirement. This is, for me, a new lunatic practice and brings the project disaster. I think project management in the IT sector is sick compared to the oil & gas construction.