Abstract
Abstract Planning, controlling, monitoring progress are key management functions for effective implementation of construction projects. Commonly used instruments enabling performance of these functions include schedules and budgets, often in the form of a cost estimate. They are created at the initial planning stage to monitor and control cost and time deviations. Moreover, popular monitoring techniques are, for example, observation of milestones and comparative analysis of actual versus planned costs. This article presents a work progress control tool - the Earned Value Method (EVM) - which, despite its benefits, remains relatively unused in construction projects. The impact of the planning phase on the results obtained during the monitoring and control phase when utilizing EVM is discussed. This case study provides practical examples of using EVM in the implementation of construction projects and with the use of computer software. The novelty of the article results from the introduction of additional sensitivity analysis illustrating the impact of factors, such as an increase in costs or a change in delivery dates to the course of deviation curves. Use of sensitivity analysis in relation to the results of the CPI and SPI calculations affords combining control of costs and time with risk monitoring in the project. The findings reveal significant benefits in using EVM to implement construction projects but also highlight some important limitations.
Highlights
Planning, controlling, monitoring progress are key management functions for effective implementation of construction projects
This current study presents an application of the classical version of Earned Value Method (EVM)
Taking into account the planned and literal duration of the investment, the project control and calculation of EVM indicators were performed at one-month intervals
Summary
Abstract: Planning, controlling, monitoring progress are key management functions for effective implementation of construction projects. Controlling and monitoring progress during the construction and investment process require systematic collection of information regarding the volatility of risk factors vis-avis financing and timely execution This necessity constitutes a major challenge for project managers. What is even more difficult under these conditions is monitoring the construction process: this requires systematic collection of information to analyze a project’s progress, budget and costs, schedule, and implementation risks. These efforts are undertaken to make decisions that ensure compliance with the established criteria.
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