scholarly journals The Application and Challenges of Earned Value Management (EVM) As Cost Monitoring Tool in the Construction Industry

2018 ◽  
Vol 7 (3.36) ◽  
pp. 96
Author(s):  
Noorhidayah Sunarti ◽  
Zetty Pakir Mastan ◽  
Lum Seon Cin
Keyword(s):  
Project Management ◽  
Construction Industry ◽  
Time Management ◽  
Construction Projects ◽  
Value Management ◽  
Monitoring Tool ◽  
Earned Value ◽  
Management Tools ◽  
Earned Value Management ◽  
Implementation Level

Earned Value Management (EVM) is one of the fundamental approaches acting as a comprehensive project management and controlling technique for tracking the costs and examining project expenditures relative to the physical progress of work. Majority of the previous literature reviews and findings indicates the positive contributions of EVM in monitoring the project time-cost performance progressively and forecasting its future trends. However, EVM was not widely used as practically, the traditional cost and schedule monitoring tool is still very common in the construction industry. Thus, this research was conducted using quantitative method to the identified quantity surveying, project management and construction firms in Klang Valley area to achieve the objectives of; (1) to identify the implementation level of EVM in construction projects, (2) to recognize the EVM contribution as cost monitoring tool compared to the other mehods, and (3) to ascertain the challenges in using EVM. Based on the result, majority has reaffirmed that EVM is positively contribute to project cost monitoring and provide an overall effective cost management tools in their projects. Despite the major challenges identified in using EVM are due to the lack of EVM knowledge, expertise and experience by the user in the industry, the results also indicating that more construction players have come to realize that integration of cost and time management in EVM is beneficial to the construction industry.  

scholarly journals Earned Value Management System in Indonesian Construction Projects

2021 ◽  
Vol 13 (3) ◽  
Author(s):  
Mandiyo Priyo ◽  
Keyword(s):  
Project Management ◽  
Construction Projects ◽  
Project Performance ◽  
Performance Estimation ◽  
Building Construction ◽  
Value Management ◽  
Earned Value ◽  
Earned Value Management ◽  
Project Completion ◽  
Critical Elements

Earned Value Management (EVM) is a methodology combining scope, schedule, and resource measurements to assess project performance and progress. It involves integrating the three critical elements of the project covering schedule, work scope, and cost. Various benefits are associated with the use of EVM in project management. This research aims to analyze four units of building construction projects using the EVM method consisting of an analysis of project performance, estimation of cost, and time for project completion, and planning estimation analysis against project completion. The results revealed that from the aspect of time, three buildings were completed ahead of schedule, and another one was behind schedule. In terms of cost, three buildings cost lower than the estimated budget, while one other building was higher.

Method “Earned Value Management” for Timescale Controlling in Construction Projects

2015 ◽  
Vol 725-726 ◽  
pp. 1025-1030 ◽  
Author(s):  
Sergei Bovteev ◽  
Marina Petrochenko
Keyword(s):  
Time Management ◽  
Completion Time ◽  
Construction Projects ◽  
Value Management ◽  
Earned Value ◽  
Earned Value Management ◽  
Independent Estimate ◽  
Management Method

Article presents an assessment of using “Earned Value Management” method for monitoring the construction projects completion on time. It describes the technique of Earned Value Management for Project Time Management. A specific example analyzes the possibility of using indicators Earned Schedule and Independent Estimate of Completion (time) and represents conditions when this indicators do not give correct results.

Design and Realization of Defense Equipment Scientific Research Project Management System Based on Earned Value Management

2014 ◽  
Vol 971-973 ◽  
pp. 2317-2320
Author(s):  
Xiang Jun Yu ◽  
Chao Xie ◽  
Tian Ming Huang
Keyword(s):  
Project Management ◽  
Management System ◽  
Scientific Research ◽  
Design System ◽  
Value Management ◽  
Earned Value ◽  
Research Project ◽  
Earned Value Management ◽  
Project Management System ◽  
Scientific Research Project

This paper briefly introduces the basic connotation of earned value management, determine, from the target variable management process design, system function design and system implementation four aspects that the management of defense scientific research project management system design and implementation process based on the earned value, and some reasonable countermeasures to promote the use of the system.

scholarly journals Practical Application of Earned Value in Software Project Management—Taking the Developed IT Project as an Example

2020 ◽  
Vol 4 (3) ◽  
pp. 67
Author(s):  
Shuangxi Zhang
Keyword(s):  
Project Management ◽  
The United States ◽  
Value Management ◽  
Software Project ◽  
Earned Value ◽  
Earned Value Management ◽  
Progress Management ◽  
Actual Performance ◽  
Real Cost ◽  
The 1960S

<p>Earned value management (EVM) emerged in the United States in the 1960s<sup>[1]</sup>. It is used as an important standard of project cost management and progress management. The focus of earned value is to accurately measure the specific plan and actual performance of a project, which can accurately predicts the final cost and schedule results of the project. Earned value is based on the integration of various means of project management, so that the real cost performance of the project can be reflected, which is not achieved by other project management technologies. Based on the actual B2B project of ABCD company, this paper studies the application of earned value in practice.</p>

scholarly journals Predicting Earned Value Indexes in Residential complexes’ Construction Projects Using Artificial Neural Network Model

2020 ◽  
Author(s):  
ibraheem Aidan ◽  
Firas Jaber ◽  
Duaa Al-Jeznawi ◽  
Faiq Al-Zwainy
Keyword(s):  
Performance Index ◽  
Construction Projects ◽  
Historical Data ◽  
Performance Indicator ◽  
Residential Buildings ◽  
Great Accuracy ◽  
Value Management ◽  
Earned Value ◽  
Earned Value Management ◽  
Cost Performance

The importance of this study may be defined by using the smart techniques to earned value indicators of residential buildings projects in Republic of Iraq, only one development intelligent forecasting model was presented to predict Schedule Performance Index (SPI), Cost Performance Index (CPI), and To Complete Cost Performance Indicator (TCPI) are defined as the dependent. The approach is principally influenced by the determining numerous factors which effect on the earned value management, that involves Iraqi historical data. In addition, six independent variables (F1: BAC, Budget at Completion., F2: AC, Actual Cost., F3, A%, Actual Percentage., F4: EV, Earned Value. F5: P%, Planning Percentage., and F6: PV, Planning Value) were arbitrarily designated and satisfactorily described for per construction project. It was found that ANN has the capability to envisage the dust storm with a great accuracy. The correlation coefficient (R) has been 90.00%, and typical accuracy percentage has been 89.00%.

A Deliverable-Oriented EVM System Suited to a Large-Scale Project

2006 ◽  
Vol 37 (1) ◽  
pp. 67-80 ◽  
Author(s):  
Pierre Bonnal ◽  
Jurgen De Jonghe ◽  
John Ferguson
Keyword(s):  
Project Management ◽  
Particle Physics ◽  
Large Scale ◽  
Hadron Collider ◽  
Value Management ◽  
Earned Value ◽  
Executive Management ◽  
Earned Value Management ◽  
European Laboratory ◽  
Under Construction

The Large Hadron Collider (LHC) is under construction at CERN, the European Laboratory for Particle Physics, near Geneva, Switzerland. In 2003, a new earned value management (EVM) system was introduced to improve transparency in LHC project reporting, to allow a clearer distinction between cost differences to the baseline due to overruns versus resulting delays, and to provide the project management team with a more reactive project management information system for better decision-making. EVM has become a de facto standard for the follow-up of cost and schedule and several commercial packages are offered for implementing an EVM system. But because none of these packages fulfilled CERN's requirements, its executive management decided to proceed with an in-house development. In this paper, an overview of what CERN considers to be good requirements for an EVM system suited to large-scale projects is provided: the deliverable-oriented, collaborative and lean management dimensions are enforced. In conclusion, we discuss some of our positive and negative experiences so those who would like to develop or implement similar enterprise-wide project control systems can be more aware of common pitfalls.

scholarly journals Implementation of Earned Value Management Tools in the Wendelstein 7-X Project

2012 ◽  
Vol 40 (12) ◽  
pp. 3560-3565 ◽  
Author(s):  
Axel Lorenz ◽  
Hans-Stephan Bosch ◽  
Katja Kuttler
Keyword(s):  
Value Management ◽  
Earned Value ◽  
Management Tools ◽  
Earned Value Management
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