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.

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.

Knowledge Mining for Project Management and Execution

2011 ◽  
Vol 15 (4) ◽  
pp. 454-459 ◽  
Author(s):  
Shinji Mochida ◽  
Keyword(s):  
Project Management ◽  
Effective Action ◽  
Project Success ◽  
Web Technology ◽  
Project Manager ◽  
Value Management ◽  
Earned Value ◽  
Earned Value Management ◽  
Knowledge Mining ◽  
Level Information

Efficient project management is demanded to solve project management problems. Project success or failure depends on the skill of the project manager. A good project manager must have good knowledge on project management and growth. If knowledge is considered a judgment for effective action, the manager’s action and experience must first be registered. This paper defines knowledge as a group of low-level information and data. Such knowledge must be registered easily. Since it is difficult to find the appropriate timing for registering knowledge, this paper shows how to maximize such timing and registration for the knowledge. Knowledge is information and data for execution performance that is improvement for project management. We constructed a prototype using WEB technology to collect large amounts of knowledge for project management, but such knowledge must be registered manually and it is difficult to find the time that information should be registered on. This paper discusses how to find the best timing for registering knowledge. We tried to take into the change in progress of the project in order to get the knowledge. Earned Value Management (EVM), which is one way to manage project progress, is examined to find change in project progress, since the time that progress changes appears to be the best timing for registration. It was found that knowledge may be able to be registered automatically. It will be necessary to achieve the function to register the knowledge at the just timing in the future.

scholarly journals THE AGILE EARNED VALUE MANAGEMENT METHOD AS A COST MANAGEMENT TOOL IN SCRUM PROJECTS

2021 ◽  
Vol 3 (163) ◽  
pp. 159-164
Author(s):  
D. Lysenko ◽  
Y. Fediai
Keyword(s):  
Process Model ◽  
Cost Management ◽  
Project Manager ◽  
Management Tool ◽  
Value Management ◽  
Final Conclusion ◽  
It Projects ◽  
Earned Value ◽  
Earned Value Management ◽  
Management Method

According to the statistics, the majority of IT projects run 50–150 percent over budget, which indicates the importance of managing its cost. In agile methodologies which are widely used in software development, little attention is given to cost management. Lack of specialized cost management tools in agile practices raises the question of the feasibility of adapting traditional project management methods and techniques. The purpose of the research is to improve the quality of IT projects cost control processes by developing a project cost management model using the Agile Earned Value Management method. The paper discusses the EVM techniques which have been adopted to provide the benefits of traditional EVM in Agile projects. There are some misconceptions that EVM techniques are too difficult to perform effectively on projects implemented using agile approaches (i.e. Scrum framework). The challenges are primarily associated with the fact that the EVM method requires creating a complete description of project tasks and a detailed schedule of their execution at the initial stage allowing accurate estimates of the actual data and monitoring the project progress from start to completion. On the other hand, Scrum emphasizes the need for incremental, multi-level planning and discourages planning software projects down to the lowest level of decomposition in the early stages. The reason for this is the high degree of ambiguity inherent in complex software systems, and the high probability of changes that make fully defining the requirements up front nearly impossible. However, upon closer examination of Sprint attributes, such as fixed duration, fixed backlog, cost measurement of sprint tasks, the ultimate goal of delivering a minimum viable product – leads us to the conclusion that Sprint can be considered as a subproject to which the mechanism of the EVM method can be applied using the same metrics. The paper further summarizes the main provisions and guidelines of the AgileEVM method, based on which its process model is developed. The inputs of the model are initial release baseline parameters and data captured at the completion of each Sprint: Planned Sprints (PS); Planned Release Points (PRP); Budget at Complete (BAC); Points Completed (PC), Points Added (PA), and Sprint Cost (SC). The controls are the AgileEVM method guidelines. The mechanisms are project manager and necessary software (MS Excel, MS Project). At the output of the model we obtain forecast indicators: Estimate to Complete (ETC), Estimate at Complete (EAC), Number of Total Sprints (N), and Release Date (RD). The final conclusion of the conducted research is that the application of the Earned Value Management method to projects implemented with Scrum enables the project manager and the project team with a valuable tool to monitor the progress of their work and to take appropriate measures.

scholarly journals Sustainability in the Aerospace Sector, a Transition to Clean Energy: The E2-EVM Valuation Model

2021 ◽  
Vol 13 (12) ◽  
pp. 6717
Author(s):  
Salvador Cruz Rambaud ◽  
Joaquín López Pascual ◽  
Juan Carlos Meléndez Rodríguez
Keyword(s):  
Real Options ◽  
New Technologies ◽  
Clean Energy ◽  
Management Tool ◽  
Civil Aviation ◽  
Value Management ◽  
Earned Value ◽  
Earned Value Management ◽  
The Real ◽  
Aerospace Sector

Civil aviation is one of biggest industrial contributors to CO2 emissions worldwide. One of the most urgent problems of this sector is providing new technologies to continue operating in a more sustainable environment through a transition to clean energy. The Earned Value Management (EVM) model, as a traditional project management tool, is continuously being revised with new releases and extensions (e.g., ESM, EDM, QEVM, E-EVM, and ZEVM), but to date none of them has applied an expert judgment criterion to be able to modify and anticipate the final result of the project. In such a way, this paper introduces a novel approach to the topic with the so-called Enhanced and Efficient Earned Value Management (denoted E2-EVM) model by including this new capability through the real options methodology, thus helping to support the sustainability of the aerospace sector. This research focuses on three main goals: the description of recent green initiatives in the aerospace sector by checking its contribution to reaching the well-known Sustainable Development Goals (SDGs), the development of a new version of the EVM model by applying the real options methodology, and, finally, the financial contribution to the aerospace industry by applying these initiatives and methodologies.

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