Value Management as a Construction Management Tool

2017 ◽  
pp. 109-127
Author(s):  
Ayodeji E. Oke ◽  
Clinton O. Aigbavboa
Keyword(s):  
Construction Management ◽  
Management Tool ◽  
Value Management

FACTORS AFFECTING THE FULL IMPLEMENTATION OF BUILDING INFORMATION MODELING AS A CONSTRUCTION MANAGEMENT TOOL

2016 ◽  
Vol 3 (2) ◽  
Author(s):  
Swapan Saha ◽  
Scott Jessup
Keyword(s):  
Construction Management ◽  
Questionnaire Survey ◽  
Construction Projects ◽  
Building Information Modeling ◽  
Population Data ◽  
Information Modeling ◽  
Management Tool ◽  
Sample Population ◽  
Factors Affecting ◽  
Building Information

There has been growing concern about the efficiency of the Australian construction industry. It has been identified that inefficiencies due to industry fragmentation has significant impacts on the way construction projects are delivered. It is largely believed that Building Information Modeling (BIM) has the potential to significantly improve the efficiency of a project throughout its entire lifecycle. The main focus of BIM research has, up until now, been principally focused on its ever increasing use in the design phase of a project. The construction phase of a project has been largely overlooked, particularly the implementation of BIM during this phase of a project.. A mixed method approach has been utilised in this study comprising of quantitative and qualitative techniques. The quantitative method was conducted through the distribution of a statistically analysed questionnaire survey to a sample population of construction professionals within Australia. Concurrently, the qualitative method of analysis is conducted through case studies of selected construction projects with some involvement of BIM. Through the research, it was proven that Australian construction projects are far from the full utilisation of BIM as a construction management tool. The factors affecting BIM’s utilisation were also discovered in this research and validated through statistical analysis of the population data found by the questionnaire survey.

scholarly journals THE AGILE EARNED VALUE MANAGEMENT METHOD AS A COST MANAGEMENT TOOL IN SCRUM PROJECTS

2021 ◽  
Vol 3 (163) ◽  
pp. 159-164
Author(s):  
D. Lysenko ◽  
Y. Fediai
Keyword(s):  
Process Model ◽  
Cost Management ◽  
Project Manager ◽  
Management Tool ◽  
Value Management ◽  
Final Conclusion ◽  
It Projects ◽  
Earned Value ◽  
Earned Value Management ◽  
Management Method

According to the statistics, the majority of IT projects run 50–150 percent over budget, which indicates the importance of managing its cost. In agile methodologies which are widely used in software development, little attention is given to cost management. Lack of specialized cost management tools in agile practices raises the question of the feasibility of adapting traditional project management methods and techniques. The purpose of the research is to improve the quality of IT projects cost control processes by developing a project cost management model using the Agile Earned Value Management method. The paper discusses the EVM techniques which have been adopted to provide the benefits of traditional EVM in Agile projects. There are some misconceptions that EVM techniques are too difficult to perform effectively on projects implemented using agile approaches (i.e. Scrum framework). The challenges are primarily associated with the fact that the EVM method requires creating a complete description of project tasks and a detailed schedule of their execution at the initial stage allowing accurate estimates of the actual data and monitoring the project progress from start to completion. On the other hand, Scrum emphasizes the need for incremental, multi-level planning and discourages planning software projects down to the lowest level of decomposition in the early stages. The reason for this is the high degree of ambiguity inherent in complex software systems, and the high probability of changes that make fully defining the requirements up front nearly impossible. However, upon closer examination of Sprint attributes, such as fixed duration, fixed backlog, cost measurement of sprint tasks, the ultimate goal of delivering a minimum viable product – leads us to the conclusion that Sprint can be considered as a subproject to which the mechanism of the EVM method can be applied using the same metrics. The paper further summarizes the main provisions and guidelines of the AgileEVM method, based on which its process model is developed. The inputs of the model are initial release baseline parameters and data captured at the completion of each Sprint: Planned Sprints (PS); Planned Release Points (PRP); Budget at Complete (BAC); Points Completed (PC), Points Added (PA), and Sprint Cost (SC). The controls are the AgileEVM method guidelines. The mechanisms are project manager and necessary software (MS Excel, MS Project). At the output of the model we obtain forecast indicators: Estimate to Complete (ETC), Estimate at Complete (EAC), Number of Total Sprints (N), and Release Date (RD). The final conclusion of the conducted research is that the application of the Earned Value Management method to projects implemented with Scrum enables the project manager and the project team with a valuable tool to monitor the progress of their work and to take appropriate measures.

scholarly journals Estructura de Desglose de Trabajo como herramienta para la Planificación de Proyectos

2016 ◽  
Vol 1 (2) ◽  
pp. 1
Author(s):  
María Gertrudys Alcívar Loor
Keyword(s):  
Project Management ◽  
Management Tool ◽  
Value Management ◽  
Corporate Management ◽  
Standard Practice ◽  
Work Breakdown Structure ◽  
Work Related ◽  
Project Management Institute ◽  
Index Terms ◽  
Project Management Professional

There is a project management tool such as Work Breakdown Structure (WBS) that ensures the investment thereof; it would be recommended implement mechanisms necessary in its application in future projects. At present the basic requirements in the proposals for work are not included these new tools such as WBS, because of their ignorance and lack of technical preparation of those who take the decisions in the allocation of the most important works. The WBS to define the project’s scope of work in terms of deliverables and further decomposition of these deliverables into component. The WBS is one of the main contributions to the projects management by the Project Management Institute (PMI), which is considered the most important project management professional association. On several occasions it has been experienced that the failure of projects is due to lack of management implementation thereof; such case, the importance of projects looking for its amount, without addressing the application of WBS. In assessing of the results describe the significance of the use the WBS at different stages of the projects, referring to what happens in planning, executing, controlling and closing. Have focused illustrations with different scenarios of the usefulness and benefits involving different criteria for projects for better interpretation. Finally, refers to other standards such as the PMI, standard practice for the programming, standard practice for the earn value management and corporate management maturity of model projects such as work related to the WBS. Index Terms— Deliverables, work breakdown structure o WBS, work packages

scholarly journals Sustainability in the Aerospace Sector, a Transition to Clean Energy: The E2-EVM Valuation Model

2021 ◽  
Vol 13 (12) ◽  
pp. 6717
Author(s):  
Salvador Cruz Rambaud ◽  
Joaquín López Pascual ◽  
Juan Carlos Meléndez Rodríguez
Keyword(s):  
Real Options ◽  
New Technologies ◽  
Clean Energy ◽  
Management Tool ◽  
Civil Aviation ◽  
Value Management ◽  
Earned Value ◽  
Earned Value Management ◽  
The Real ◽  
Aerospace Sector

Civil aviation is one of biggest industrial contributors to CO2 emissions worldwide. One of the most urgent problems of this sector is providing new technologies to continue operating in a more sustainable environment through a transition to clean energy. The Earned Value Management (EVM) model, as a traditional project management tool, is continuously being revised with new releases and extensions (e.g., ESM, EDM, QEVM, E-EVM, and ZEVM), but to date none of them has applied an expert judgment criterion to be able to modify and anticipate the final result of the project. In such a way, this paper introduces a novel approach to the topic with the so-called Enhanced and Efficient Earned Value Management (denoted E2-EVM) model by including this new capability through the real options methodology, thus helping to support the sustainability of the aerospace sector. This research focuses on three main goals: the description of recent green initiatives in the aerospace sector by checking its contribution to reaching the well-known Sustainable Development Goals (SDGs), the development of a new version of the EVM model by applying the real options methodology, and, finally, the financial contribution to the aerospace industry by applying these initiatives and methodologies.

scholarly journals Organizational development as a modern management tool for transformation of the company (case of Ukrainian energy company)

Management ◽  
2019 ◽  
Vol 23 (1) ◽  
pp. 61-74
Author(s):  
Hanna Doroshuk
Keyword(s):  
Life Cycle ◽  
Organizational Development ◽  
Team Building ◽  
Team Work ◽  
Management Tool ◽  
Value Management ◽  
Energy Company ◽  
Spiral Dynamics ◽  
Development Goals ◽  
Energy Companies

Summary The article is aimed at formation of the approaches and stages of organizational development for a large vertically integrated company, ensuring the country’s strategic security in the fi eld of energy. The methodological basis of this work is the theory of the company’s life cycle, and it is proposed to complement the mentioned theory with the theory of spiral dynamics, reflecting the evolution of the company’s values. The approaches to organizational development are analysed and organizational development is defined. The possibility and necessity of management of organizational development are substantiated. As a result of the study, there were described the features of the organizational development of large energy company, and this is for the first time. The analysis of publications and world experience in the development of energy companies allowed proposing four basic stages of organizational development: team building and life cycle dynamics, value management and implementation tools. There is offered the use of organizational development as an instrument of management, which enables to achieve not only company development goals, but also to manage its values, achieve maximum employee involvement in development, and to shift from the management of the company to team work. Further research in this area it is advisable to carry out in detail the stage of organizational development and description of each stage’s tools.

scholarly journals The Potential Role of Value Management in Construction Industry Using Primavera

2018 ◽  
Vol 7 (3.10) ◽  
pp. 14
Author(s):  
T Subramani ◽  
Joe Cherian
Keyword(s):  
Work Performance ◽  
Management Tool ◽  
Value Management ◽  
Earned Value ◽  
Earned Value Management ◽  
Unique Challenge ◽  
Time Control ◽  
Construction Tasks ◽  
Real Value

EVM (Earned value management) is a undertaking management tool that uses records primarily based on value, agenda and work performance to outline the modern fame of the project. This facilitates the supervisor to extrapolate current developments to predict their probably very last impact. this approach is proved effective in fee manage. the primavera is project management software program which enables customers to track and analyze performance of task. The document wizard in primavera creates custom designed reviews that extract precise records from its database. The paper outlines the fundamental principles of the EVM & how it could be used effectively for unique challenge with assist of primavera. Additionally a few advantages and headaches of EVM as regards  to Indian creation area. Many construction tasks be afflicted by time and value overruns because of a multiplicity of things. This technique allows everything in evaluation of all budgeted value of work to real value. The existing have a look at deals with the scheduling and venture tracking manner alongside it also discusses principal parameter’s involving in the calculation of earned cost analysis in fee and time control of civil construction project. Using an example of real time venture, methodologies and analysis are demonstrated in this paper.       

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