Critical Path Method and Earned Value Management

2016 ◽  
pp. 67-100
Author(s):  
J. Chris White ◽  
Robert M. Sholtes
Keyword(s):  
Critical Path ◽  
Value Management ◽  
Critical Path Method ◽  
Earned Value ◽  
Earned Value Management

Earned Schedule and the Use of Schedule Execution Reporting Metrics

2018 ◽  
Author(s):  
Philip J. Beck ◽  
Dennis Kovacs
Keyword(s):  
Performance Index ◽  
Critical Path ◽  
Project Performance ◽  
Value Management ◽  
Earned Value ◽  
Past Performance ◽  
Earned Value Management ◽  
Time Element ◽  
Schedule Performance ◽  
Schedule Execution

The traditional approach of managing project performance is with the use of Earned Value Management. There is a recent trend towards the expansion of traditional Earned Value Management practices to include the concept of Earned Schedule. Whereas Earned Value provides insight as to how the project is trending in relation to the plan by assessing cost and schedule variances, Earned Schedule focuses on the time element of schedule performance throughout the project execution phase. Earned Value, although very effective at providing visibility to cost performance, is not as transparent when it comes to schedule performance over time. Case in point, at completion, irrespective as to how work progressed on the schedule (ahead or behind plan) at completion, the schedule performance index will always be 1.0. Earned Schedule overcomes this drawback, providing useful tools to report on schedule performance, and providing visibility to the project state from which to base informed decisions. To perform the analysis, Earned Schedule analysis incorporates detail from the baseline and forecast schedules as well as the integrated project management cost report (earned versus planned). In addition to looking at Earned Schedule metrics, other key metrics are factored into this approach to assess overall schedule performance. Key metrics derived from the schedule and highlighted in this approach include: • Critical Path Length Index (CPLI) • Baseline Execution Index (BEI) • Total Float Consumption Index (TFCI) • To Complete Schedule Performance Index (TSPI) • Predicted Forecast Finish Date (PFFD) • Schedule Performance Index (time) (SPIt) • Independent Estimate At Complete (time) (IEACt) The intent of these metrics is to identify trends and assist in predicting project outcomes based on past performance. Since this approach is highly dependent on the schedule data, the more compliant a schedule is to industry best practices the better the quality of the results. The metrics are negatively impacted by recent re-baselining as this causes us to lose historical performance detail. Frequent analysis of the schedule execution reporting metrics defined above provides transparency of project performance and brings visibility to early risk triggers in support of a proactive approach to project execution monitoring and control. This paper will present a case study demonstrating how additional transparency through this approach highlighted a potential schedule risk. This increased visibility allowed the project team to reprioritize and implement proactive corrective actions to mitigate any potential impact to the project In Service Date (ISD).

scholarly journals Research on Optimization of Earned Value Management Method in Engineering Budget Management

2015 ◽  
Vol 9 (1) ◽  
pp. 369-375
Author(s):  
Ji Gedi ◽  
Wu Yunna ◽  
Chang Qing
Keyword(s):  
Critical Path ◽  
Integrated Control ◽  
Practical Method ◽  
Value Management ◽  
Earned Value ◽  
Earned Value Management ◽  
Diagram Method ◽  
Value Analysis ◽  
Earned Value Analysis ◽  
Management Method

Earned Value Management Method (EVM), widely used in the world, is a project management method of costschedule integrated control. But the traditional EVM sometimes cannot provide an accurate result. In this paper, a practical method is given to analyze the project performance, in which the Network Diagram Method and the Critical Path Method have been introduced into EVM system that can better reflect the practical situation of a project. This improved method can be referred to assub-level earned value analysis method. This method can correct variance in the duration and cost forecast of the traditional EVM, and can also provide more information about the cause analysis.

scholarly journals Aplikasi Manajemen Proyek Konstruksi dengan Metode Critical Path dan Earned Value Management

2018 ◽  
Vol 1 (2) ◽  
pp. 53
Author(s):  
Eka Budhy Prasetya
Keyword(s):  
Human Error ◽  
Critical Path ◽  
Value Management ◽  
Actual Cost ◽  
Work Schedule ◽  
Earned Value ◽  
Earned Value Management

Mengerjakan proyek tepat waktu dan biaya merupakan target setiap perusahaan kontraktor. Namun pada kenyataannya hal tersebut masih sangat sulit dilakukan. Berbagai hal seperti sistem yang berjalan, human error serta teknologi yang dipakai mempengaruhi tingkat keberhasilan pengerjaan proyek. Dengan menggunakan metode critical path bisa diketahui durasi pengerjaan proyek serta  aktifitas yang berada dijalur kritis. Metode ini berfungsi untuk pengendalian waktu yang dapat dimonitor secara berkala. Metode earned value management berfungsi  dalam pengendalian biaya. Metode ini terdiri dari budget cost for work schedule (BCWS) yaitu anggaran rencana , budget cost for work performed (BCWP) yaitu laporan perkembangan proyek , dan actual cost for work performed (ACWP) yaitu laporan pengeluaran proyek. Dengan ketiga parameter tersebut dapat diketahui presentase rencana anggaran, presentase perkembangan proyek serta presentase pengeluaran proyek. Sehingga dapat segera ketahui jika terjadi over budget maupun jika terjadi keterlambatan pengerjaan proyek. Dalam Perancangan sistem aplikasi manajemen proyek ini menggunakan aplikasi php dan Mysql.

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.

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