Abstract
One of the most important functions of project management is the monitoring and control of the project process. To perform it, Earned Value Analysis (EVA) in project management is a well-known management system to be applicable. This analysis is a very significant technique to measure and control the performance and progress of a project and is used in various sectors. It allows the calculation of cost and timing variances and performance indices and predicts project cost and project duration estimation. In addition, the usage of the correlation between the schedule performance index and cost performance index and the meaning of indices such as budgeted cost of work scheduled, budget cost of work performed, and the actual cost of work performed is illustrated in detail to analyze the performance of EVM application in the project management. Thereby, in this study, some of the work items of a sample project using Microsoft Office Excel were evaluated according to the Earned Value Analysis and the result implies that the analysis helped the project perform better through the cost and schedule indices.
Highlights
Today's high competition conditions, all businesses operating in the public and private sector have been made to move much faster than the past times
Cost Performance Index (CPI) and Schedule Performance Index (SPI) indices are located in Zone III which is (Behind Schedule – over budgeted). b) Review of the project on the 3rd day shows that both CPI and SPI indices are located in Zone IV which is behind the schedule and over budgeted. c) Updating the project on the 4th day indicates that both CPI and SPI indices are located in Zone IV which is behind the schedule and is over budgeted
Initially in every project it happens that the project will be behind schedule planning because of setting the resources i.e. machinery...etc
Summary
Today's high competition conditions, all businesses operating in the public and private sector have been made to move much faster than the past times. The value of the EVM is that it meets a precise dimension of the cost and time yield in the guiding of project tracking as well as supervision Christensen and his colleagues in time span of 1998-2002 carried out a scientific study and expressed that the cost performance index determiner obtained at the 15-20% of project ending, ensures a substantially trustworthy scale for forecasting of total project cost with a maximum error of ±10% [10]. Managers can create risk mitigation plans based on actual cost, schedule and technical progress of the work It is an early warning project management tool that enables managers to identify and control problems before they become insurmountable. Earned Value Analysis is applied on some work items related to a small sample project, and the performance of the work items have been evaluated, and at the end, discussion and conclusion are provided, respectively
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