Title: Using the Earned Value Management System to Measure and Improve Construction Project Control.
Author : Eman Ibrahim Abd El-Latif
Collection : M.Sc. Structural
Abstract:
Project control is a key factor in ensuring that business and project objectives are achieved through the provision of accurate and efficient information to support informed decision making.
Project control encompasses planning, scheduling and cost control activities. Although this report focuses on project cost control and various methods of cost control used in projects construction.
Cost control considered as a process where the construction cost of the project is managed through the best methods and techniques so that the contractor does not suffer losses when carrying out the activities of the project.
Therefore, the cost control and management is more complicated and has multiple levels.
Once the construction cost is out of control, it will lead to a great waste and will bring about more pressures for property management in later. A nice cost control is meaningful for the whole construction projects. To realize better cost control and management of construction project is important for today’s harmonious society.
In a perfect world, everything functions as it should. In the real world of project control, the tale is often less than perfect with numerous obstacles and disappointments.
Project cost control seems to be simple in theory, but difficult to do in practice, many factors are causing a gap between cost control theory and practice.Some of those factors will be presented in that report. One of the aims of cost control is to construct at the cheapest possible costs consistent with the project objectives.In that way Earned Value Management method is considered as the optimal method for controlling the project costs. The term ”Earned Value” is gaining in popularity around project management circles. The name implies a something that is gained through some effort. It has been in use since the 1960s when the Department of Defense adopted it as a standard method of measuring project performance on the factory floor. The report will present how to apply this useful project management tool and point the way to make it work.
EVM is an effective project controlling tool but it’s success relies on the existence of an effective plan. Its system is a significant positive predictor of project success. The method, if to be used efficiently, require a disciplined approach to collection of data on project cost and progress ( on weekly or monthly basis) and findings to be processed immediately.
Traditional EVM techniques are intended for ideal scheduling scenarios and those techniques fail to obtain accurate indicators to reflect project performance status.
However, EVM considered that the difference between amount of the cumulative earned value and amount of the cumulative planned value as the schedule variance (SV); and this measurement of the schedule variance is not related to time.
So it is needed for a simple tool to assess progress in the terms of time. Thus, A modification of the method, to allow for time analysis, is to be illustrated in this report.
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