Project performance evaluation by earned value method and earned schedule method
By: Subrahmanya, K
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Contributor(s): Shiji, S. G.
Publisher: Pune NICMAR 2013Edition: Vol.28(1), Jan-Mar.Description: 31-52p.Subject(s): Construction Engineering and Management (CEM)Online resources: Click here
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NICMAR Journal of construction managementSummary: Earned Value Method is a well-known project management tool that uses information on cost, schedule and work performance to establish the current status of the project. EVM metrics include three primary concepts i.e. planned, accomplished and actual work, which are integrated measures of time and costs. A number of researchers have found that the time metrics didn't judiciously refer to the scheduled performance of a project. One of the recent improvements in the EVM is the application of new time metrics (Schedule Variance (time) (SV(t)) and Schedule Performance Index (time) (SPI(t)), which are based on time units instead of monetary units. A case study was undertaken in this context to clarify the application of common time EVM metrics and compare them with the new set of time metrics i.e., Earned Schedule metrics to interpret the schedule performance of a project. The results can potentially provide early warning of a schedule delay during the construction stage while the ES that describes schedule performance in units of time is more understandable than the units of currency in the EVM method. The Earned Schedule idea is simple i.e. identify the time at which the amount of earned value (EV) accrued should have been earned. By determining this time, time-based indicators can be formed to provide schedule variance and performance efficiency information. The ability to make schedule forecasts without performing a complete bottoms-up schedule analysis of the work remaining has been long desired by EVM practitioners. With ES, for the first time, project managers and customers have the ability to cross-check the bottoms-up estimate of the completion date in the same way the final cost estimates are validated using the Independent Estimate at Completion (IEAC) calculations.
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Earned Value Method is a well-known project management tool that uses information on cost, schedule and work performance to establish the current status of the project. EVM metrics include three primary concepts i.e. planned, accomplished and actual work, which are integrated measures of time and costs. A number of researchers have found that the time metrics didn't judiciously refer to the scheduled performance of a project. One of the recent improvements in the EVM is the application of new time metrics (Schedule Variance (time) (SV(t)) and Schedule Performance Index (time) (SPI(t)), which are based on time units instead of monetary units. A case study was undertaken in this context to clarify the application of common time EVM metrics and compare them with the new set of time metrics i.e., Earned Schedule metrics to interpret the schedule performance of a project. The results can potentially provide early warning of a schedule delay during the construction stage while the ES that describes schedule performance in units of time is more understandable than the units of currency in the EVM method. The Earned Schedule idea is simple i.e. identify the time at which the amount of earned value (EV) accrued should have been earned. By determining this time, time-based indicators can be formed to provide schedule variance and performance efficiency information. The ability to make schedule forecasts without performing a complete bottoms-up schedule analysis of the work remaining has been long desired by EVM practitioners. With ES, for the first time, project managers and customers have the ability to cross-check the bottoms-up estimate of the completion date in the same way the final cost estimates are validated using the Independent Estimate at Completion (IEAC) calculations.
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