Earned Value Management In Construction Project
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| Author | : Project Management Institute |
| Publisher | : Project Management Institute |
| Total Pages | : 318 |
| Release | : 2020-04-13 |
| Genre | : Business & Economics |
| ISBN | : 1628256397 |
Earned value management (EVM) is a management methodology for integrating scope, schedule, and resources; objectively measuring project performance and progress; and forecasting project outcome. It is considered by many to be one of the most effective performance measurement and feedback tools for managing projects. The Standard for Earned Value Management builds on the concepts for EVM described in the Practice Standard for Earned Value Management and includes enhanced project delivery information, by integrating concepts and practices from the PMBOK® Guide – Sixth Edition and The Agile Practice Guide. A central theme in this standard is the recognition that the definition for value in EVM has expanded. While the term retains its traditional definition in terms of project cost, it embraces current practice by including the concept of earned schedule. This standard also integrates hybrid methodologies that blend together historical EVM concepts with the needs of the agile practitioner, all with an eye towards aiding the project team in enhancing overall project delivery. This standard is a useful tool for experienced project management practitioners who are seeking to expand and update their knowledge of the field as well as less experienced practitioners who want to learn other approaches for managing project performance. It provides insight and detailed explanations of the basic elements and processes of EVM, and demonstrates how to scale EVM to fit varying project sizes and situations. This standard includes graphical examples and detailed explanations that will enable the reader to establish and implement EVM on projects in almost any environment and of almost every size. When used together with good project management principles, EVM methodology will provide a greater return on any project and results that will directly benefit your organization.
| Author | : J. Gerard Boyle |
| Publisher | : FriesenPress |
| Total Pages | : 250 |
| Release | : 2021-12-17 |
| Genre | : Business & Economics |
| ISBN | : 1039106234 |
This is an essential, groundbreaking book for public and private buyers of construction, contractors and sub-contractors, designers, project managers, lawyers, Earned Value specialists, forensic claims analysts, schedulers, dispute resolution experts, academics, and anyone interested in improving performance and productivity on construction projects. Among the topics discussed are the following: - Exhaustive critique of existing Earned Value analysis that compels changes to current theory and practice - New Earned Value analytics for construction, integrated with resource-loaded CPM schedules represent a paradigm change - Worked examples of resource-loaded CPM schedules using the new EV Performance analytics - Identification of reliable performance thresholds for progress, productivity and resources - Understanding the interconnection of progress and productivity and performance patterns over time - How to create meaningful, resource-loaded, CPM schedules - Analyzing schedule float in concert with the new analytics - Why current cause and effect delay analysis is fundamentally flawed because it ignores root causes - Why delay claim analysis must always account for productivity - The problem common to all contract delivery methods and how to correct it - Why construction projects fail - Specific steps in creating a successful construction program - Game theoretical & other approaches to implementing a performance-based system - Using commercial dispute resolution to contemporaneously resolve claims and improve performance going forward - The importance of probabilistic (Monte Carlo) schedule analysis & problems with current practice
| Author | : Peter Fewings |
| Publisher | : Routledge |
| Total Pages | : 567 |
| Release | : 2013-05-07 |
| Genre | : Technology & Engineering |
| ISBN | : 1136827617 |
The role of the project manager continues to evolve, presenting new challenges to established practitioners and those entering the field for the first time. This second edition of Peter Fewings' groundbreaking textbook has been thoroughly revised to recognise the increasing importance of sustainability and lean construction in the construction industry. It also tackles the significance of design management, changing health and safety regulation, leadership and quality for continuous improvement of the service and the product. Using an integrated project management approach, emphasis is placed on the importance of effectively handling external factors in order to best achieve an on-schedule, on-budget result, as well as good negotiation with clients and skilled team leadership. Its holistic approach provides readers with a thorough guide in how to increase efficiency and communication at all stages while reducing costs, time and risk. Short case studies are used throughout the book to illustrate different tools and techniques. Combining the theories underpinning best practice in construction project management, with a wealth of practical examples, this book is uniquely valuable for practitioners and clients as well as undergraduate and graduate students for construction project management.
| Author | : CIOB (The Chartered Institute of Building) |
| Publisher | : John Wiley & Sons |
| Total Pages | : 353 |
| Release | : 2014-09-15 |
| Genre | : Technology & Engineering |
| ISBN | : 1118378083 |
The first edition of the Code of Practice for Project Management for Construction and Development, published in 1992, was groundbreaking in many ways. Now in its fifth edition, prepared by a multi-institute task force coordinated by the CIOB and including representatives from RICS, RIBA, ICE, APM and CIC, it continues to be the authoritative guide and reference to the principles and practice of project management in construction and development. Good project management in construction relies on balancing the key constraints of time, quality and cost in the context of building functionality and the requirements for sustainability within the built environment. Thoroughly updated and restructured to reflect the challenges that the industry faces today, this edition continues to drive forward the practice of construction project management. The principles of strategic planning, detailed programming and monitoring, resource allocation and effective risk management, widely used on projects of all sizes and complexity, are all fully covered. The integration of Building Information Modelling at each stage of the project life is a feature of this edition. In addition, the impact of trends and developments such as the internationalisation of construction projects and the drive for sustainability are discussed in context. Code of Practice will be of particular value to clients, project management professionals and students of construction, as well as to the wider construction and development industries. Much of the information will also be relevant to project management professionals operating in other commercial spheres.
| Author | : Mario Vanhoucke |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 184 |
| Release | : 2009-10-09 |
| Genre | : Technology & Engineering |
| ISBN | : 144191014X |
Meant to complement rather than compete with the existing books on the subject, this book deals with the project performance and control phases of the project life cycle to present a detailed investigation of the project’s time performance measurement methods and risk analysis techniques in order to evaluate existing and newly developed methods in terms of their abilities to improve the corrective actions decision-making process during project tracking. As readers apply what is learned from the book, EVM practices will become even more effective in project management and cost engineering. Individual chapters look at simulation studies in forecast accuracy; schedule adherence; time sensitivity; activity sensitivity; and using top-down or bottom-up project tracking. Vanhoucke also offers an actual real-life case study, a tutorial on the use of ProTrack software (newly developed based on his research) in EVM, and conclusions on the relative effectiveness for each technique presented.
| Author | : Paul Solomon |
| Publisher | : Wiley-IEEE Computer Society Press |
| Total Pages | : 322 |
| Release | : 2007 |
| Genre | : Business & Economics |
| ISBN | : |
A complete toolkit for implementation of Earned Value Management Performance-Based Earned Value uniquely shows project managers how to effectively integrate technical, schedule, and cost objectives by improving earned value management (EVM) practices. Providing innovative guidelines, methods, examples, and templates consistent with capability models and standards, this book approaches EVM from a practical level with understandable techniques that are applicable to the management of any project. Clear and unambiguous instructions explain how to incorporate EVM with key systems engineering, software engineering, and project management processes such as establishing the technical or quality baseline, requirements management, using product metrics, and meeting success criteria for technical reviews. Detailed information is included on linking product requirements, project work products, the project plan, and the Performance Measurement Baseline (PMB), as well as correlating technical performance measures (TPM) with EVM. With straightforward instructions on how to use EVM on a simple project, such as building a house, and on complex projects, such as high-risk IT and engineering development projects, it is the only book that includes excerpts from the PMI®'s Project Management Body of Knowledge (PMBOK®), CMMI, the EVM System standard, systems engineering standards, federal acquisition regulations, and Department of Defense guides. Performance-Based Earned Value allows both novices and experienced project managers, including project manager of suppliers and customers in the commercial and government sectors; software and systems engineering process improvement leaders; CMMI appraisers; PMI members; and IEEE Computer Society members to: Incorporate product requirements and planned quality into the PMB Conduct an Integrated Baseline Review Analyze performance reports Perform independent assessments and predictive analysis Ensure that key TPMs are selected, monitored, and reported Identify the right success criteria for technical reviews Develop techniques for monitoring and controlling supplier performance Integrate risk management with EVM Comply with government acquisition policies and regulations Written by Paul Solomon and Ralph Young, internationally recognized industry experts, Performance-Based Earned Value is constructed from guidance in standards and capability models for EVM, systems engineering, software engineering, and project management. It is the complete guide to EVM, invaluable in helping students prepare for the PMI®-PMP® exam with practical examples and templates to facilitate understanding, and in guiding project professionals in the private and public sectors to use EVM on complex projects. (PMI, PMBOK, PMP, and Project Management Professional are registered marks of the Project Management Institute, Inc.)
| Author | : Project Management Institute |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2006-06 |
| Genre | : Business & Economics |
| ISBN | : 9781930699427 |
The Practice Standard for Earned Value Management expands on the earned value information in A Guide to the Project Management Body fo Knowledge (PMBOK Guide) - Third Edition. EVM is often referred to as "management with the lights on" because it helps objectively and succincly identify where a project is where it is going. The methodology incorporates project scope, schedule and costs, and the process is applicable across many Knowledge Areas and Process Groups.
| Author | : John Kelly |
| Publisher | : John Wiley & Sons |
| Total Pages | : 581 |
| Release | : 2014-11-17 |
| Genre | : Technology & Engineering |
| ISBN | : 1118351231 |
Value Management is a philosophy, set of principles and a structured management methodology for improving organisational decision-making and value-for-money. The second edition builds on the success of the first edition by extending the integrated value philosophy, methodology and tool kit to describe the application of Value Management to the areas of service delivery, asset management, and, Programmes, in addition to Projects, products and processes. Value Management is a well-established methodology in the international construction industry, and in the UK has been endorsed as good practice in a range of government sponsored reports. In this book the authors have addressed the practical opportunities and difficulties of Value Management by synthesising the background, international developments, benchmarking and their own extensive consultancy and action research experience in Value Management to provide a comprehensive package of theory and practice. The second edition retains the structure of the first edition, covering methods and practices, frameworks of value and the future of value management. It has been thoroughly updated, and a number of new chapters added to encapsulate further extensions to current theory and practice. In particular, the new edition responds to: A range of recent UK industry and government publications; and most notably BS EN 16271:2012 - Value management: Functional expression of the need and functional performance specification; the imminent update of BS EN 12973:2000 Value Management; BS EN 1325 Value Management -- Vocabulary, Terms and definitions; the changes to "Value for Europe" governing the training and certification of Value Management in European Union countries; the UK Government’s Management of Value (MoV) initiative, together with other leading reports, international guidance and standards on Value Management. Research in Value Management undertaken since publication of the first edition. Changes in Value Management practice particularly in Programmes and Projects. Developments in the theory of value, principally value for money measures, whole life value option appraisal, and benefits realisation. Initiatives in asset management initiatives covering the management of physical infrastructure, for example the recent launch of a suite of three standards under the generic title of BS ISO 55000: 2014 Asset Management, and its predecessor BSI PAS55 2008 "Asset Management: Specification For The Optimized Management Of Physical Assets" The second edition contains a dedicated chapter of exemplar case studies drawn from the authors' experience, selected to demonstrate the new areas of theory and practice. An Appendix includes an extensive set of tools and techniques of use in Value Management practice. Construction clients, including those in both the public and private sectors, and professionals such as construction cost consultants, quantity surveyors, architects, asset managers, construction engineers, and construction managers will all find Value Management of Construction Projects to be essential reading. It will also be of interest to researchers and students on construction related courses in Higher Education -- particularly those at final year undergraduate and at Masters level.
| Author | : Quentin W. Fleming |
| Publisher | : |
| Total Pages | : 232 |
| Release | : 2000 |
| Genre | : Business & Economics |
| ISBN | : |
Earned value is a project management technique that is emerging as a valuable tool in the management of all projects, including and, in particular, software projects. In its most simple form, earned value equates to fundamental project management. This is not a new book, but rather it is an updated book. Authors Quentin Fleming and Joel Koppelman have made some important additions. In many cases, there will be no changes to a given section. But in other sections, the authors have made substantial revisions to what they had described in the first edition. Fleming and Koppelman's goal remains the same with this update; describe earned value project management in its most fundamental form, for application to all projects, of any size or complexity. Writing in an easy-to-read, friendly, and humorous style characteristic of the best teachers, Fleming and Koppelman have identified the minimum requirements that they feel are necessary to use earned value as a simple tool for project managers. They have also witnessed the use of simple earned value on software projects, and find it particularly exciting. Realistically, a Cost Performance Index (CPI) is the same whether the project is a multibillion-dollar high-technology project, or a simple one hundred thousand-dollar software project. A CPI is a CPI ... period. It is a solid metric that reflects the health of the project. In every chapter, Fleming and Koppelman stick with using simple stories to define their central concept. Their project examples range from peeling potatoes to building a house. Examples are in rounc numbers, and most formulas get no more complicated than one number divided by another. Earned Value ProjectManagement--second edition may be the best-written, most easily understood project management book on the market today. Project managers will welcome this fresh translation of jargon into ordinary English. The authors have mastered a unique early-warning signal of impending cost problems in time for the project manager to react.
| Author | : Ayodeji E. Oke |
| Publisher | : Springer |
| Total Pages | : 201 |
| Release | : 2017-03-16 |
| Genre | : Architecture |
| ISBN | : 331954151X |
This book provides a unique guide to value management and sustainability in construction to researchers and professional. The book provides a better understanding of the concept of value management, the basis of sustainable construction and thereafter, demonstrates how using the principles of value management can help to achieve successful construction projects that are financially viable, socially beneficial and do not damage the environment. The book serves as an introduction to value management for scholars and researchers at all levels; and also as a practical guide for construction professionals, employers and other stakeholders in the construction industry.
