Directed earned value management based on ordered fuzzy numbers

2021 ◽  
pp. 1-14
Author(s):  
Seyed Taha Hossein Mortaji ◽  
Siamak Noori ◽  
Morteza Bagherpour
Keyword(s):  
Fuzzy Numbers ◽  
Lower Cost ◽  
Project Managers ◽  
Value Management ◽  
Monitoring And Control ◽  
Earned Value ◽  
Earned Value Management ◽  
Project Monitoring ◽  
And Control

Earned value management is well-known as the most efficient method of project monitoring and control providing relatively reliable information about the project performance. However, this method requires accurate estimates of the progress of project activities, which are always associated with uncertainties that, if ignored or not addressed well, lead to incorrect results. To address this issue, the application of multi-valued logic, in particular fuzzy logic, in earned value management has recently attracted a lot of attention both in practice and research. This paper introduces directed earned value management (DEVM) in which ordered fuzzy numbers are used to express the so-called uncertainties as well as to capture more information about the trend of the project progress. To evaluate the performance of the proposed method, several numerical examples and a case study are presented. The results reveal that compared to the existing methods, DEVM has a lower computational complexity. Also, it doesn’t suffer from the overestimation effect and as a result, it has a higher ability to express project-specific dynamics. In sum, the proposed method allows project managers to make informed decisions that lead to taking preventive and corrective actions promptly and at a lower cost.

ON THE LIMITATIONS OF THE EARNED VALUE MANAGEMENT TECHNIQUE TO ANTICIPATE PROJECT DELAYS

2018 ◽  
Vol 5 (1) ◽  
Author(s):  
Pablo Ballesteros-Pérez ◽  
Kamel Mohamed Elamrousy
Keyword(s):  
Significant Proportion ◽  
Control Technique ◽  
Value Management ◽  
Management Technique ◽  
Monitoring And Control ◽  
Earned Value ◽  
Earned Value Management ◽  
Project Completion ◽  
And Control ◽  
Project Delays

A significant proportion of projects across the construction industry fail to meet their planned completion dates, being this a recurrent topic in the project management literature. Multiples causes of project delays have been proposed, however, hardly any attention has been paid to the fact that the most celebrated project monitoring and control technique – the Earned Value Management (EVM) – may not be as fit for purpose as it seems. It is proposed that because EVM ignores activity duration variability it always results in optimistic completion dates which may be very difficult to meet in the real projects. This research offers a fresh and long overdue critique of EVM in its most common implementation (assuming deterministic activity durations and costs), while highlighting its shortcomings. Particularly, Monte Carlo simulations are implemented to exemplify how the merge event bias phenomenon is inadvertently impacting the schedule in both time and cost dimensions. A fictitious case study is used to demonstrate the connection between these shortcomings and what is then conceived as a delay in project completion.

scholarly journals A Matrix Model for Effective of Project Management

2017 ◽  
Vol 5 (2) ◽  
Author(s):  
Samuel Y. Ruan ◽  
Yuan-Ho Chen
Keyword(s):  
Performance Assessment ◽  
Performance Index ◽  
Conversion Rate ◽  
Project Performance ◽  
Project Managers ◽  
Assessment Model ◽  
Value Management ◽  
Earned Value ◽  
Earned Value Management ◽  
And Control

For earned value management (EVM), when an organization attaches nonequal importance to the schedule performance index (SPI) and cost performance index (CPI) of a project, a nonequal-weighted conversion rate between the SPI and CPI is formed. This study employed EVM to integrate SPIs and CPIs to establish a matrix project performance assessment model with a nonequal-weighted conversion rate between the SPI and CPI. This model improves the disadvantages of conventional performance assessment models and enables project managers to simultaneously monitor and control the costs and schedules of their projects. The results provide a practical project performance assessment model for various industries and a basis for developing a project performance assessment information system, thus confirming the practicality and applicability of this study. 

Attock Refinery Upgradation Project

2006 ◽  
Vol 10 (01) ◽  
pp. 77-101
Author(s):  
Ahmed Nawaz Tariq ◽  
Arif Iqbal Rana
Keyword(s):  
Project Management ◽  
Project Planning ◽  
Project Managers ◽  
Personal Relationships ◽  
Post Mortem ◽  
Northern Pakistan ◽  
Monitoring And Control ◽  
Project Monitoring ◽  
And Control

This case is about a major expansion and upgradation project undertaken at a refinery in Northern Pakistan in the 1990s. The project was the biggest expansion project since the company's inception in the 1920s. The project was carried out by a Japanese contractor, and was marked by changes in CEO's and Project Managers. Despite the vicissitudes in relationships between the construction team and company management, the project was completed in time and within budget. The case looks at project management from the client's perspective. It can be used in a module on Project Termination, or Project Monitoring and Control in a course on Project Management). The case highlights the importance of project planning, and monitoring; the management of inter-personal relationships; and 'post-mortem' analysis and learning from projects.

Cost/Schedule Monitoring and Forecasting for Project Based on Earned Value Management (EVM)

2014 ◽  
Vol 919-921 ◽  
pp. 1437-1440 ◽  
Author(s):  
Jian Wen Huang ◽  
Hui Min Pan ◽  
Yan Li ◽  
Yi Ting Zhu ◽  
Zai Yi Liao
Keyword(s):  
Project Managers ◽  
Value Management ◽  
Earned Value ◽  
Earned Value Management ◽  
Traditional Concept ◽  
The Status ◽  
Monitoring And Forecasting ◽  
Ultimate Outcome ◽  
And Performance ◽  
The Cost

Earned value management (EVM) is one of the most widely used control tools in project management. It is a well-known management system that integrates cost, schedule and performance. Based on the traditional concept of EVM, the cost/schedule monitoring and forecasting model is proposed in this paper. It gives us the analysis steps and provides the methods for monitoring the actual situation and forecasting the final cost and duration. By using this model, the managers are able to know timely the status of a project in terms of budget and schedule and forecast the developing trend and ultimate outcome of the project. So it is a reliable method to improve the capability of project managers for making reasonable decisions.

INFORMATION MANAGEMENT TECHNOLOGIES FOR IMPROVING EARNED VALUE QUANTIFICATION

2018 ◽  
Vol 5 (1) ◽  
Author(s):  
Farah Demachkieh ◽  
Mohamed-Asem Abdul-Malak
Keyword(s):  
Data Collection ◽  
Information Technologies ◽  
Progress Monitoring ◽  
Monitoring And Control ◽  
Construction Sites ◽  
Earned Value ◽  
Automated Data Collection ◽  
Project Monitoring ◽  
And Control ◽  
Indoor And Outdoor

Real-time progress tracking of construction activities is critical for successful project monitoring and control. As such, the application of modern information technologies for progress tracking are proclaimed to overcome the limitations of manual approaches and hence contribute to the automated acquisition of onsite data for the computation of the earned value of progressed work. To this end, this paper presents a thorough review of 111 studies dealing with automated data collection and progress tracking on construction sites. The researched technologies were classified into four categories, namely: information technology, geo-spatial, imaging, and augmented reality (AR). It was found that research dealing with progress tracking using imaging technologies has been speedily growing over the years. The findings also revealed that the highest frequency (57) of reported technologies is found to be related to the AR category, with 74 percent of these studies having been published in the last eight years. Moreover, 63 percent of the studies were concerned with all kinds of project activities, with more specific areas of application reported to include concrete and steel elements, MEP elements, indoor and outdoor elements. The encountered technologies are reported to decrease labor hours and the time needed for progress monitoring, and automated data collection on construction activities progress is said to facilitate the generation of status reports and permit the early detection of deviations from the as-planned status.

scholarly journals The Enhanced-Earned Value Management (E-EVM) Model: A Proposal for the Aerospace Industry

Symmetry ◽  
2021 ◽  
Vol 13 (2) ◽  
pp. 232
Author(s):  
Joaquín López Pascual ◽  
Juan Carlos Meléndez Rodríguez ◽  
Salvador Cruz Rambaud
Keyword(s):  
Aerospace Industry ◽  
Project Manager ◽  
Value Management ◽  
Short Term ◽  
Earned Value ◽  
Earned Value Management ◽  
Simultaneous Evaluation ◽  
Aerospace Sector ◽  
Representation Techniques

The framework of this paper is the aerospace industry, which is one of the world’s leading sectors, thus playing a noteworthy role in current society. This makes it especially important to try to optimize the management of the aerospace sector. Therefore, the main objective of this paper is to propose the so-called Enhanced-Earned Value Management (hereinafter, E-EVM) model, able to explore the simultaneous evaluation of many projects, from which the management of the project can take advantage. Additionally, this model considers the possibility of forecasting pending tasks, measurable in time units or cost units, until the end of the project. The main contribution of E-EVM methodology is its capacity to detect both delayed and advanced projects by converting times (hours) into monetary units (EUR). Empirically, this enhanced model has been applied to a real case study in the aerospace industry composed of thousands of subprojects and the results provide the project manager with valuable information to make decisions in a short term. Through computer graphic representation techniques, the visualization of project deployment can be improved. Finally, the E-EVM model can be used even in big projects where a very large volume of information must be simultaneously treated and also, it will be suitable to apply pattern recognition concerning the project performance.

Earned Value Analysis Application in Project Management

2014 ◽  
Vol 971-973 ◽  
pp. 2494-2497
Author(s):  
Wen Xiu Wang ◽  
En Jian He ◽  
Yan Fei Zhao
Keyword(s):  
Project Management ◽  
Value Management ◽  
Earned Value ◽  
Earned Value Management ◽  
Value Analysis ◽  
Earned Value Analysis ◽  
Monitoring Tools ◽  
Analysis Application ◽  
Project Monitoring ◽  
Status Information

The focus of earned value management is the deviation ( schedule variance and cost deviation ) to determine the project, by determining the deviation monitor project status . Discussion earned value analysis methods use a combination of project management . Earned Value Analysis method as an effective project monitoring tools, you can maximize avoid state ( time and cost ) project-specific business and technical implementation of the project 's content and confused together, intuitively given project status information.

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