Analysis on Cost Controlling and Tracking of Residential Building by EVM Method Using MS Project Software

Abstract

Most of the construction projects suffer from cost and time overruns due to a multiplicity of factors. Earned value management (EVM) is a project performance evaluation technique that has origins in industrial engineering, but which has been adapted for application in project management. Earned Value Analysis software is developed in Visual studio 2008, Next Comparison of selected parameters between M.S Project 2007, Primavera P6 and developed software is done. Therefore, it can be concluded that the software could be used in a wide range of projects for Earned Value Analysis calculation. During the construction project it has been observed that certain causes may lead to delay in construction activities. This will result in time and cost overrun in the project. So it has become a major problem to complete the project on schedule and within the estimated cost. As a solution to this, the concept of construction project management by Earned Value Management System (EVMS) is evaluated. Earned Value Management is a powerful methodology used in monitoring and controlling of the project. EVMS is the project management technique developed to measure the performance and progress of the project based on the combination of schedule, cost and work performed. By using this technique, the project status can be investigated in ongoing project at any stage which detects whether the project is under or over budget and behind or ahead of the planned schedule. Also the estimate cost and time required to complete the project from current situation can be investigate.