Earned Value Management (EVM) in construction projects - Revision history

Tkokotas at 14:10, 18 December 2018

2018-12-18T14:10:45Z

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	''Developed by Thorgeir Sveinsson''		''Developed by Thorgeir Sveinsson''

	~~[[Category:Finance]] [[Category:Tool]] [[Category:Project Management]] [[Category:Performance Management]] [[Category:Earned Value Analysis]] [[Category:Construction Industry]]‏‎~~
	Earned Value Management(EVM) is a well-known technique used in <span class="plainlinks">[https://en.wikipedia.org/wiki/Project_management Project Managment]</span> to control the cost and time performance of a project and is also used to predict the final project cost and duration.		Earned Value Management(EVM) is a well-known technique used in <span class="plainlinks">[https://en.wikipedia.org/wiki/Project_management Project Managment]</span> to control the cost and time performance of a project and is also used to predict the final project cost and duration.
	<ref name="concept"> Associates, H. &. (2012). Basic Concepts of Earned Value Management (EVM). Retrieved September 13, 2016, from https://www.humphreys-assoc.com/evms/basic-concepts-earned-value-management-evm-ta-a-74-t-1_11.html </ref>		<ref name="concept"> Associates, H. &. (2012). Basic Concepts of Earned Value Management (EVM). Retrieved September 13, 2016, from https://www.humphreys-assoc.com/evms/basic-concepts-earned-value-management-evm-ta-a-74-t-1_11.html </ref>
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	MANAGEMENT (EVM) TECHNIQUE IN		MANAGEMENT (EVM) TECHNIQUE IN
	BUILDING CONSTRUCTION ]</span>		BUILDING CONSTRUCTION ]</span>

			[[Category:Finance]] [[Category:Tool]] [[Category:Project Management]] [[Category:Performance Management]] [[Category:Earned Value Analysis]] [[Category:Construction Industry]]‏‎

Tkokotas at 14:10, 18 December 2018

2018-12-18T14:10:20Z

← Older revision		Revision as of 14:10, 18 December 2018
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			''Developed by Thorgeir Sveinsson''

	[[Category:Finance]] [[Category:Tool]] [[Category:Project Management]] [[Category:Performance Management]] [[Category:Earned Value Analysis]] [[Category:Construction Industry]]‏‎		[[Category:Finance]] [[Category:Tool]] [[Category:Project Management]] [[Category:Performance Management]] [[Category:Earned Value Analysis]] [[Category:Construction Industry]]‏‎
	Earned Value Management(EVM) is a well-known technique used in <span class="plainlinks">[https://en.wikipedia.org/wiki/Project_management Project Managment]</span> to control the cost and time performance of a project and is also used to predict the final project cost and duration.		Earned Value Management(EVM) is a well-known technique used in <span class="plainlinks">[https://en.wikipedia.org/wiki/Project_management Project Managment]</span> to control the cost and time performance of a project and is also used to predict the final project cost and duration.

Tkokotas at 13:42, 27 November 2018

2018-11-27T13:42:49Z

← Older revision		Revision as of 13:42, 27 November 2018
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	[[Category:Finance]] [[Category:Tool]] [[Category:Project Management]] [[Category:Performance Management]] [[Category:Earned Value Analysis]]		[[Category:Finance]] [[Category:Tool]] [[Category:Project Management]] [[Category:Performance Management]] [[Category:Earned Value Analysis]] [[Category:Construction Industry]]‏‎
	Earned Value Management(EVM) is a well-known technique used in <span class="plainlinks">[https://en.wikipedia.org/wiki/Project_management Project Managment]</span> to control the cost and time performance of a project and is also used to predict the final project cost and duration.		Earned Value Management(EVM) is a well-known technique used in <span class="plainlinks">[https://en.wikipedia.org/wiki/Project_management Project Managment]</span> to control the cost and time performance of a project and is also used to predict the final project cost and duration.
	<ref name="concept"> Associates, H. &. (2012). Basic Concepts of Earned Value Management (EVM). Retrieved September 13, 2016, from https://www.humphreys-assoc.com/evms/basic-concepts-earned-value-management-evm-ta-a-74-t-1_11.html </ref>		<ref name="concept"> Associates, H. &. (2012). Basic Concepts of Earned Value Management (EVM). Retrieved September 13, 2016, from https://www.humphreys-assoc.com/evms/basic-concepts-earned-value-management-evm-ta-a-74-t-1_11.html </ref>

Tkokotas at 19:00, 23 October 2018

2018-10-23T19:00:32Z

← Older revision		Revision as of 19:00, 23 October 2018
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	[[Category:Finance]] [[Category:Tool]] [[Category:Project Management]] [[Category:Performance ~~management~~]]		[[Category:Finance]] [[Category:Tool]] [[Category:Project Management]] [[Category:Performance Management]] [[Category:Earned Value Analysis]]
	Earned Value Management(EVM) is a well-known technique used in <span class="plainlinks">[https://en.wikipedia.org/wiki/Project_management Project Managment]</span> to control the cost and time performance of a project and is also used to predict the final project cost and duration.		Earned Value Management(EVM) is a well-known technique used in <span class="plainlinks">[https://en.wikipedia.org/wiki/Project_management Project Managment]</span> to control the cost and time performance of a project and is also used to predict the final project cost and duration.
	<ref name="concept"> Associates, H. &. (2012). Basic Concepts of Earned Value Management (EVM). Retrieved September 13, 2016, from https://www.humphreys-assoc.com/evms/basic-concepts-earned-value-management-evm-ta-a-74-t-1_11.html </ref>		<ref name="concept"> Associates, H. &. (2012). Basic Concepts of Earned Value Management (EVM). Retrieved September 13, 2016, from https://www.humphreys-assoc.com/evms/basic-concepts-earned-value-management-evm-ta-a-74-t-1_11.html </ref>

Thorgeir11 at 18:26, 26 September 2016

2016-09-26T18:26:31Z

← Older revision		Revision as of 18:26, 26 September 2016
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	[[Category:Finance]] [[Category:Tool]] [[Category:Project Management]] [[Category:Performance management]]		[[Category:Finance]] [[Category:Tool]] [[Category:Project Management]] [[Category:Performance management]]
	Earned Value Management(EVM) is a well-known technique used in <span class="plainlinks">[https://en.wikipedia.org/wiki/Project_management Project Managment]</span> to control the cost and time performance of a project and is also used to predict the final project cost and duration.		Earned Value Management(EVM) is a well-known technique used in <span class="plainlinks">[https://en.wikipedia.org/wiki/Project_management Project Managment]</span> to control the cost and time performance of a project and is also used to predict the final project cost and duration.
	<ref name="concept"></ref>		<ref name="concept"> Associates, H. &. (2012). Basic Concepts of Earned Value Management (EVM). Retrieved September 13, 2016, from https://www.humphreys-assoc.com/evms/basic-concepts-earned-value-management-evm-ta-a-74-t-1_11.html </ref>

	==History==		==History==

Thorgeir11: /* Annotated Bibliography */

2016-09-26T18:24:57Z

Annotated Bibliography

← Older revision		Revision as of 18:24, 26 September 2016
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	<ref name="concept"> Associates, H. &. (2012). Basic Concepts of Earned Value Management (EVM). Retrieved September 13, 2016, from https://www.humphreys-assoc.com/evms/basic-concepts-earned-value-management-evm-ta-a-74-t-1_11.html </ref>		<ref name="concept"> Associates, H. &. (2012). Basic Concepts of Earned Value Management (EVM). Retrieved September 13, 2016, from https://www.humphreys-assoc.com/evms/basic-concepts-earned-value-management-evm-ta-a-74-t-1_11.html </ref>
	This article provides an introduction to the elemental concepts of EVM, this article goes through the initial project planning to the execution, providing various data analyzing techniques along the way. It lists out the inputs that the internal system of the contractor must be able to provide. The 32 guidelines of EVMS are described in 5 sections, and finally describes the customer and contractors benefits of using EVMS.		This article provides an introduction to the elemental concepts of EVM, this article goes through the initial project planning to the execution, providing various data analyzing techniques along the way. It lists out the inputs that the internal system of the contractor must be able to provide. The 32 guidelines of EVMS are described in 5 sections, and finally describes the customer and contractors benefits of using EVMS.


	<ref name="additional"> Fleming, Quentin and Joel Koppelman. The Two Most Useful Earned Value Metrics: The CPI And The TCPI. 1st ed. Primavera systems, inc, 2008. Web. 14 Sept. 2016.		<ref name="additional"> Fleming, Quentin and Joel Koppelman. The Two Most Useful Earned Value Metrics: The CPI And The TCPI. 1st ed. Primavera systems, inc, 2008. Web. 14 Sept. 2016.
	</ref>		</ref>

	<ref name="10benefits"> S. Christensen, D. (2011). THE COSTS AND BENEFITS OF THE EARNED VALUE MANAGEMENT PROCESS. doi:10.1.1.196.3738. Retrieved September 15, 2016, from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.196.3738&rep=rep1&type=pdf		<ref name="10benefits"> S. Christensen, D. (2011). THE COSTS AND BENEFITS OF THE EARNED VALUE MANAGEMENT PROCESS. doi:10.1.1.196.3738. Retrieved September 15, 2016, from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.196.3738&rep=rep1&type=pdf
	</ref>		</ref>

	<ref name="example"> E. (2015, February 20). Earned value analysis worked example. Retrieved September 11, 2016, from https://www.youtube.com/watch?v=z7b3SYQuqJM		<ref name="example"> E. (2015, February 20). Earned value analysis worked example. Retrieved September 11, 2016, from https://www.youtube.com/watch?v=z7b3SYQuqJM
	</ref>		</ref>

	<ref name="limitations1"> Eschulze. (2013, July 18). Earned Value Management (EVM) Limitations (J. Scheid, Ed.). Retrieved September 15, 2016, from http://www.brighthubpm.com/monitoring-projects/10056-how-earned-value-management-is-limited/		<ref name="limitations1"> Eschulze. (2013, July 18). Earned Value Management (EVM) Limitations (J. Scheid, Ed.). Retrieved September 15, 2016, from http://www.brighthubpm.com/monitoring-projects/10056-how-earned-value-management-is-limited/
	</ref>		</ref>

Thorgeir11 at 18:23, 26 September 2016

2016-09-26T18:23:08Z

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	[[File:4a.png‎\|350px\|thumb\|left\|'''table D:''' ''Earned Value Variances'', ''Earned Value Indices'' .]]		[[File:4a.png‎\|350px\|thumb\|left\|'''table D:''' ''Earned Value Variances'', ''Earned Value Indices'' .]]
	[[File:5a.png‎\|350px\|thumb\|right\|'''Figure B:''' EVM plot.]]		[[File:5a.png‎\|350px\|thumb\|right\|'''Figure B:''' EVM plot.]]

Thorgeir11: /* Annotated Bibliography */

2016-09-26T18:20:27Z

Annotated Bibliography

← Older revision		Revision as of 18:20, 26 September 2016
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	<ref name="HistoryEVM"> Kwak, Y. H., & Anbari, F. T. (2012). History, practices, and future of earned value management in government: Perspectives from NASA. Project Management Journal, 43(1), 77–90. doi:10.1002/pmj.20272		<ref name="HistoryEVM"> Kwak, Y. H., & Anbari, F. T. (2012). History, practices, and future of earned value management in government: Perspectives from NASA. Project Management Journal, 43(1), 77–90. doi:10.1002/pmj.20272
	</ref>		</ref>
	This article goes over the historical background of earned value management, from the origin of the concept and how it has evolved over time. This article describes shortly why to use EVM and the main attributes of the methodology behind it.		This article goes over the historical background of earned value management, from the origin of the concept and how it has evolved over time. This article describes shortly why to use EVM and the main attributes of the methodology behind it. Current practices for implementing EVM are discussed through examining the adaption and implementation of EVM at NASA. This study showed the substantial project management value NASA received from implementing EVM across its agency, furthermore EVM provided effective training in scheduling, leadership and data analysis

	'''Strategic Consulting Solutions inc. (2012). 10 Steps to Understanding Earned Value Management'''		'''Strategic Consulting Solutions inc. (2012). 10 Steps to Understanding Earned Value Management'''

Thorgeir11: /* Annotated Bibliography */

2016-09-26T18:15:05Z

Annotated Bibliography

← Older revision		Revision as of 18:15, 26 September 2016
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	This page gives a great overview of the calculations behind earned value management. The page covers the variances of earned value: Cost variance(CV) and schedule variances(SV), provides the formula for these variances along with what the results of these equations would suggest about the progress of the project. Earned value indices are also covered in the same manner, formula and interpretation of the result. Formulas used for the forecasting process of earned value management. Finally the page displays a graph of earned value metrics as a function of cost and time. Actual cost, planned value and earned value are plotted using data from the project.		This page gives a great overview of the calculations behind earned value management. The page covers the variances of earned value: Cost variance(CV) and schedule variances(SV), provides the formula for these variances along with what the results of these equations would suggest about the progress of the project. Earned value indices are also covered in the same manner, formula and interpretation of the result. Formulas used for the forecasting process of earned value management. Finally the page displays a graph of earned value metrics as a function of cost and time. Actual cost, planned value and earned value are plotted using data from the project.

	~~http://edward-designer.com/web/pmp-earned-value-questions-explanined/~~
	~~</ref>~~

	''' Fleming, Q. W., & Koppelman, J. M. (2002). Using earned value management. Cost Engineering (Morgantown, West Virginia), 44(9), 32–36. '''		''' Fleming, Q. W., & Koppelman, J. M. (2002). Using earned value management. Cost Engineering (Morgantown, West Virginia), 44(9), 32–36. '''
	<ref name="progresspayments"> Fleming, Q. W., & Koppelman, J. M. (2002). Using earned value management. Cost Engineering (Morgantown, West Virginia), 44(9), 32–36.		<ref name="progresspayments"> Fleming, Q. W., & Koppelman, J. M. (2002). Using earned value management. Cost Engineering (Morgantown, West Virginia), 44(9), 32–36.
	</ref>		</ref>
	Fleming and koppelman, explore the benefits of Earned Value Management in construction projects. Cost type and Fixed type projects are discussed and how implementing EVM can reduce expenditures and mitigate risk for the project owner.		Fleming and koppelman, explore the benefits of Earned Value Management in construction projects. Cost type and Fixed type projects are discussed and how implementing EVM can reduce expenditures and mitigate risk for the project owner. Benefits of implementing EVM for the customer is enlisted for Cost type and Fixed type projects.

	''' Associates, H. &. (2012). Basic Concepts of Earned Value Management (EVM) '''		''' Associates, H. &. (2012). Basic Concepts of Earned Value Management (EVM) '''
	<ref name="concept"> Associates, H. &. (2012). Basic Concepts of Earned Value Management (EVM). Retrieved September 13, 2016, from https://www.humphreys-assoc.com/evms/basic-concepts-earned-value-management-evm-ta-a-74-t-1_11.html </ref>		<ref name="concept"> Associates, H. &. (2012). Basic Concepts of Earned Value Management (EVM). Retrieved September 13, 2016, from https://www.humphreys-assoc.com/evms/basic-concepts-earned-value-management-evm-ta-a-74-t-1_11.html </ref>
	This article provides an introduction to the elemental concepts of EVM, this article goes through the initial project planning to the execution, providing various data analyzing techniques along the way.		This article provides an introduction to the elemental concepts of EVM, this article goes through the initial project planning to the execution, providing various data analyzing techniques along the way. It lists out the inputs that the internal system of the contractor must be able to provide. The 32 guidelines of EVMS are described in 5 sections, and finally describes the customer and contractors benefits of using EVMS.

Thorgeir11 at 18:07, 26 September 2016

2016-09-26T18:07:56Z

← Older revision		Revision as of 18:07, 26 September 2016
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	For each of the tasks the duration has been estimated, the cost of each task per week and finally the total cost of each task, as can be seen in table A.		For each of the tasks the duration has been estimated, the cost of each task per week and finally the total cost of each task, as can be seen in table A.
	These cost are called ''Planned value''(PV) in EVM.		These cost are called ''Planned value''(PV) in EVM.
	In more detailed examples and projects a <span class="plainlinks">[https://en.wikipedia.org/wiki/Statement_of_work Statement of Work(SOW)]</span> can be very useful if used in the right ways.		In more detailed examples and projects a <span class="plainlinks">[https://en.wikipedia.org/wiki/Statement_of_work Statement of Work(SOW)]</span> can be very useful if used in the right ways. <ref name="example"></ref>
	{\| class="wikitable" style="text-align:left;"		{\| class="wikitable" style="text-align:left;"
	\|- style="vertical-align:top;"		\|- style="vertical-align:top;"
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	To keep track of the status of each of the projects a <span class="plainlinks">[https://en.wikipedia.org/wiki/Gantt_chart Gantt Chart]</span>		To keep track of the status of each of the projects a <span class="plainlinks">[https://en.wikipedia.org/wiki/Gantt_chart Gantt Chart]</span>
	has proven to be very useful since it provides much needed clarity, helps with coordination and last but not least time management, helping teams understand the overall impact of project delays which is an vital part of the EVM method.		has proven to be very useful since it provides much needed clarity, helps with coordination and last but not least time management, helping teams understand the overall impact of project delays which is an vital part of the EVM method.
	In this Gantt chart there can be seen the planned schedule and the actual performance of the project up until week 7 when the project manager decided to take a closer look at the progression of the project.		In this Gantt chart there can be seen the planned schedule and the actual performance of the project up until week 7 when the project manager decided to take a closer look at the progression of the project. <ref name="example"></ref>
	[[File:2.png‎\|500px\|thumb\|right\|'''Figure A:''' Tasks.]]		[[File:2.png‎\|500px\|thumb\|right\|'''Figure A:''' Tasks.]]