Top PDF Art: Earned Value - An Introduction to Earned Value Performance Management

Art: Earned Value - An Introduction to Earned Value Performance Management

Art: Earned Value - An Introduction to Earned Value Performance Management

All of the above information is hindsight. What managers also need is a reliable forecast of when the work will be completed and how much it will cost at completion. Earned Value enables these forecasts to be made with a reasonable degree of accuracy. When the full set of Earned Value information is available, the manager knows how much work has actually been performed and what it has cost. Since they know from the original budget how much work there is in total, the amount of work remaining can be calculated and used to forecast the eventual cost and (in conjunction with the schedule) the completion date of the work. The forecast takes into account past performance rates and is shown as a yellow line in Figure 4.
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PP: Earned Value Business Management - Using EV to Manage Outsourced Contracts

PP: Earned Value Business Management - Using EV to Manage Outsourced Contracts

In all projects, the benefit (in terms of improved insights to overall performance) derived from plotting and reporting on trends and variances as well as the basic ‘S-Curves’ is significant. The data is far more sensitive and will quickly highlight changes in performance, however, it is important that both the trend (SPI) and variance are viewed to gain a complete insight into the health of a project. The examples shown here are based on the value of work performed (SPI). This is one key measure of performance. The other factor that must be tracked is the time-based performance of the project. Is the project maintaining its critical path?? Whilst it is generally true that projects with a negative critical path variance usually have a negative Earned Value variance this is not always the case.
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.  THE COST CONTROLLING AND MONITORING OF CONSTRUCTION PROJECT THROUGH EARNED VALUE MANAGEMENT SYSTEM

. THE COST CONTROLLING AND MONITORING OF CONSTRUCTION PROJECT THROUGH EARNED VALUE MANAGEMENT SYSTEM

In the world of construction the project manager needs strict monitoring and control over the project. Monitoring is the most important component in project management. It deals with measuring performance of project at certain time interval and reports that performance to organization for process control. After getting such monitored information, the concerned authority decides to take further action to control the project before it become insurmountable. Thus, monitoring and controlling is most important component process throughout entire life of the project.
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Earned Value Analysis for Construction Projects Using Project Management Scheduling Engine

Earned Value Analysis for Construction Projects Using Project Management Scheduling Engine

According to the graphical interpretations of figure 6, CPI and SPI both are less than 1.0, CPI<1 implies a weak cost performance. That earned value is short of what the real costs for this reporting period. Also in case of SPI < 1.0, the schedule performance is significantly worse than planned and behind the schedule. The total project progress outline demonstrates the improvement and cost contrasts in the entire project. The positivity of the curve values increments as the CPI curves approach the assessed developed curve. At the point when expanded contrast edges are shown in the information, project managers or significant level officials can utilize the information to decide the reason, and after that plan reaction techniques dependent on the curve with an expanded distinction.
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Application of Earned Value Management System for Road Construction Project: A Case Study

Application of Earned Value Management System for Road Construction Project: A Case Study

D. As to achieve milestone the company or contractor had to use additional resources to achieve milestone in Fig. 3 and 4 Cost Variance and Cost Performance Index are showing negative results but to avoid penalty whose costing is more than the costing of use of additional resources it was necessary but as the results of SV and SPI are positive i.e. project is ahead of planned schedule further milestone will be achieved easily.

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Calculating the indexes of earned value for assessment the performance 
		of waste water treatment plant

Calculating the indexes of earned value for assessment the performance of waste water treatment plant

Earned value system appears to be a compelling technique to use on waste water treatment plant projects to better understand and manage performance. Objectives: The main objective of this study is the practical application of the concept of the earned value management acquired in the Al-Hamza water treatment plant project using Microsoft Project 2016 and finding the performance parameters for the Al-Hamza project, CPI, SPI, and TCPI. Methods: Al-Hamzah waste water treatment plant project was constructed in 2017in Republic of Iraq. The data were collected through the field study of the researcher in the Al-Hamzah project. The project schedule was prepared and then the progress of the work was reviewed periodically and compared to the values planned with the actual values for the cost and duration. Results: it is found that the earned value concept is still not been fully used and recognized within the Iraqi companies, while this research covered the concept of earned value as a trend analysis within the Iraqi construction, the researcher found that the earned value concept is still not been fully used and recognized within the Iraqi companies, reasons for that is not part of this research and can be a subject for further research. While this research covered the concept of earned value as a trend novel analysis within the Iraqi construction, the researcher found that the concept of the earned value management is not fully accepted and acknowledged within other industries; where earned value could be used for help. The engineering industry also fails to fully utilize the concept of earned value. The researcher agrees that further research into the concept of earned value within other industry is worth researching as well as benefits of earned value as a performance measuring tool.
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Project Portfolio Earned Value Management Using Treemaps. University of Maryland, College Park, Maryland. 1 Introduction

Project Portfolio Earned Value Management Using Treemaps. University of Maryland, College Park, Maryland. 1 Introduction

From the color of the rectangles/projects, we can identify the problem areas where the CPI < 1 and can infer that the pink or red colored projects require further analysis. The white and light green colored projects have CPI >1 and are on budget. Users can also estimate the budget amount of the projects by the size of the rectangle representing the project. As the mouse cursor hovers over a rectangle, a pop up window displays the full title, CPI value and total project budget of any project. By clicking on a rectangle, detail data is displayed in the detail on demand window (top right area of the display). Custom applications using treemap could launch other detail windows presenting reports about the project.
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Measuring the actual energy cost performance of green buildings: a test of the earned value management approach

Measuring the actual energy cost performance of green buildings: a test of the earned value management approach

Yet, there are no globally recognized standard criteria to assess the performance of the green building and to rate a building as green. The assessment methods of green building performance are divers and locally applied. Around 60 countries from all over the word [4] have their own rating systems and evaluation criteria to promote the green building. Leipziger [31] compared 17 building energy assessment systems in 10 countries and concluded that the performance measurement systems are designed to largely match local priorities, the author further argue that more work is still required to consistently clarify what energy efficiency implies and how it can be assessed.
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Using Earned Value Management Indexes as a Team Development Factor and a Compensation Tool

Using Earned Value Management Indexes as a Team Development Factor and a Compensation Tool

Exhibit 13 Comparative graphic of the focuses among the individual, team and project for the 5 evaluated resources In this example, it is observed that the resources 1 and 3 showed a performance lower than their team and project; the resource 2 showed a higher individual performance, however, in analyzing its team, its performance was damaged by weak performance of resources 1 and 3. Resources 4 and 5, they had high performance, increasing this way the performance of Team B. The project performance was lower than the 4 and 5 resources performance and Team B because the members of Team A lowered the global performance by their weak individual performances.
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iEVM (Integrated Earned Value Management) An approach for integrating quality with traditional EVM for effective program and project management

iEVM (Integrated Earned Value Management) An approach for integrating quality with traditional EVM for effective program and project management

In project controlling process, EVM assesses performed work based on the completion rates and calculates EV. Consequently, EV analysis is performed with this EV data, planned value data from PMB of the planning process and actual cost data from execution process. iEVM focuses on the FCs here and recalculates past EVs based on the FCs gathered in execution. iEVM observes EV changes according to FCs and analyzes their trend. It assumes this change will occur for the calculated current EV and predicts its value based on the potential FCs. iEVM adds five new quality performance related activities to controlling process and updates all schedule and cost related ones incorporating quality metrics into EV:
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Application of Earned Value Method and Delay Analysis on Construction Project to Analyse Cost and Schedule

Application of Earned Value Method and Delay Analysis on Construction Project to Analyse Cost and Schedule

Earned value management (EVM) is a method that is a combination of scope, schedule and resource measurements to help project performance and its progress. It is a widely used method of performance measurement for projects. EVM is valuable technique to find the real gains and losses on projects and helps in providing sort to balance profit/losses and minimize losses. It is a powerful tool to control concurrently cost and physical performance. The project managers and management can track possible areas that area susceptible to risk. They can create plans suitability. In short earned valve methodology takes care of problems through timely remedial action before they become too great to overcome.
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Cost Analysis of Road Construction Project by Earned Value Analysis using Primavera P6

Cost Analysis of Road Construction Project by Earned Value Analysis using Primavera P6

Abuzar and Geetha (2016) has discussed about the “Time and Cost management using project planner software”. For time and cost analysis it is important to do project monitoring. Project monitoring acts like a warning mechanism, it is the process of recording project performance that the Project manager and others wants to know. The author has taken a case study of residential apartment under the Shanti Builders. If, time is the main consideration, then cost will be more and vice-versa. The Study concluded that the time and cost analysis is very important factors in the project planning and project planner software are very helpful to all construction industries. In this paper the results were obtained from the software were very useful to the apartment constructions and the construction finished under the budget[8].
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New Tools for Project Managers: Evolution of S-Curve and Earned Value Formalism

New Tools for Project Managers: Evolution of S-Curve and Earned Value Formalism

Those who study project management and profess it to be an academic disci- pline have a duty to add depth to its portrayal as both a science and an art. Where the tools of science will increase our ability to manipulate quantities necessary for good management — and therefore increase our understanding — we should embrace those tools. I have presented an equation that trans- forms the verbal description of the typical project management S-Curve into a precise mathematical formula, and I have shown a notation that can increase the clarity of earned value analysis. Together, these help turn earned value analysis into earned value management.
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Self-Starting Control Chart and Post Signal Diagnostics for Monitoring Project Earned Value Management Indices

Self-Starting Control Chart and Post Signal Diagnostics for Monitoring Project Earned Value Management Indices

Based on the aforementioned explanations, the SPC-based EVM gives effective information to engineers about the trend of the performance indices during the project progress. In this section, a statistical procedure is discussed to appraise project performance indices in details. Note that, in real applications, usually the project performance is auto-correlated and non-normally distributed. In addition, there is correlation structure between indices. Also, the number of data is not enough to estimate the parameters. Hence, in this paper, a multivariate self-starting residual based control chart is utilized for monitoring purpose. Moreover, an estimator is proposed to find the real time of a step change in the mean of project performance indices. Thereafter, a diagnostic method is applied to find deviated index from expected performance. The proposed procedures of the framework for monitoring the EVM indices monitoring are described in steps following subsections.
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Monitoring Scrum Projects with AgileEVM and Earned Business Value (EBV) Metrics

Monitoring Scrum Projects with AgileEVM and Earned Business Value (EBV) Metrics

Scrum is a popular project management framework for agile projects. Scrum projects are typically managed quite informally, with the only metrics used being various velocity metrics and burndown charts. Because these metrics only measure the speed of delivery, not the project’s cost or the business value it generates, many project managers are resistant to Scrum. One of the major differences between traditional and agile projects is that traditional projects focus on delivering software that satisfies requirements, while agile projects focus on maximizing ROI through continuous feedback and re- planning. That is, the focus of agile projects is on business value rather than conformance to requirements, and so Earned Business Value (EBV) metrics can be crucial. Of course, it is also important to know how efficient and effective the team is in doing the work that provides Business Value, so Earned Value Management (EVM) metrics are also applicable. In fact, EVM metrics are easier to calculate and understand in agile environments than in traditional ones. In this paper, we describe how to use three management metrics—Cost Performance Index (CPI), Schedule Performance Index (SPI), and Earned Business Value (EBV)—to provide information to help manage an agile project. We also demonstrate (through a simulation) that (even) large changes in the SPI and CPI metrics don’t necessarily mean a significant change in EBV.
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Earned Value Analysis of Construction Project at Rashtriya Sanskrit Sansthan, Bhopal

Earned Value Analysis of Construction Project at Rashtriya Sanskrit Sansthan, Bhopal

Earned Value analysis is a method of performance measurement. Earned Value is a program management technique that uses “work in progress” to indicate what will happen to work in the future. Earned value management is system for planning and controlling the project cost performances. EVM establish work packages earned value baseline by integrating project scope, time schedule and cost objectives [6, 8] .

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Controlling and Monitoring the Construction Projects by using Earned Value Method

Controlling and Monitoring the Construction Projects by using Earned Value Method

While estimating task, cost and schedule are key elements in Earned Value Management, EVM can also assist in making these estimates more accurate. First an initial estimate is made using the best method available (expert judgment, analogy, and top- down or bottoms-up). Next as the tasks are completed, earned value and actual costs computed a cost and schedule variance can be calculated for the work package. These resultant variances then can be used to adjust cost and schedule estimates for subsequent similar tasks. Thus earned value can be used as a feedback mechanism for revising task performance estimates. The identification of the bottom level work packages for the project is the most important step in using earned value as a part of the risk management program. The majority of these tasks should be discrete work packages for which progress can be clearly measurable. As previously mentioned the key to effective use of earned value for risk management is selecting, work packages that are clearly definable, determinable and the effort completed in a relatively short duration.
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Incentivising project performance in the construction of new facilities Utilising the earned value-based method

Incentivising project performance in the construction of new facilities Utilising the earned value-based method

All the contracts discussed above are typical of principal/agent relationships, where the principal (client) hands responsibility for the delivery of the new facility to the agent (contractors). All such relationships are vulnerable to the “principal/agent problem” where the two parties act in their own best interest (Lovallo and Sibomy, 2006). Academics and practitioners have sought solutions to this problem. For example, Mu¨ller and Turner (2005) proposed approaches that emphasise communication between client and contractor. In the contract types described above, the level of communication is often high especially if there are problems, however, much of this communication is centred on contractual issues, e.g. is this in the original scope of work? Do we need a contract modification? Or it is focused on the reporting of inappropriate metrics. Contracts that focus on the project deliverables, it is suggested, would result in more effective communication. Another strand of enquiry has been to develop approaches to contract selection and subsequent project management that incentivise the parties to act in ways that are mutually beneficial.
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Implementation of Web Based Application to Teach Students Earned Value Management Concepts

Implementation of Web Based Application to Teach Students Earned Value Management Concepts

ABSTRACT: This concept represents numerous research studies and implementation which cites the benefits of Web based training for enhancing skills, knowledge and capabilities of students in a given discipline. The System called EaVaMa is a web based Application aimed at providing project management students with hands on project performance analysis knowledge on Earned Value Management (EaVaMa) concepts. This study is aimed at investigating & implementing on how the above-mentioned proven model of training help project management students better understands EVM concepts.
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An Evidential Reasoning Approach for the Earned Value Management

An Evidential Reasoning Approach for the Earned Value Management

cash ow calculation methodology for projects includ- ing activities with fuzzy durations and/or costs that can be useful for performing earned value analysis. Bagherpour et al. [13] modeled the uncertainty as- sociated with activity duration in earned value to design a control mechanism, which was applicable through production control. Ponz-Tienda et al. [14] took into consideration not only the duration, but also the cost and production in the formulation of the fuzzy EV. Lipke et al. [15] used mathematics of statistics for analyzing cost and duration of project to improve a solution to the problem of uncertainty and imprecision in predictions. Lipke [16] introduced the Earned Schedule Method (ESM) and calculated two alternative schedule performance measures, referred to as SV(t) and SPI(t). Since then, various authors have validated the new earned schedule method on both ctitious and real life project data. The applicability and reliability of ES has been studied and approved by many experts [17-19]. Other eorts on earned value management in recent years are Hunter et al. [20], Acebes et al. [21], Khamooshi and Golafshani [22], etc.
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