Using Weibull Analysis for Evaluation of Cost and Schedule Performance

Abstract

Large amounts of money are lost each year in the construction industry because of poor schedule and cost control. Few contractors specify and follow systematic schedule monitoring practices. Traditionally, the earned value method (EVM) is used to control and monitor schedule performance using the schedule and cost performance indices which compare the budgeted cost of work performed to what was originally scheduled or what is actually expended. This paper presents a statistical approach, namely Weibull analysis, to evaluate stochastically the schedule performance of construction or design projects. The approach can be used in conjunction with the EVM to enhance the evaluation and control of schedule performance. Weibull analysis is a common method for failure analysis and reliability engineering used in a wide range of applications. In this paper, the applicability of Weibull analysis for evaluating and comparing the reliability of the schedule performance of multiple projects is presented. The various steps in the analysis are discussed along with an example in which two projects are analyzed and compared. The authors conclude that Weibull analysis has several advantages and provides a relatively robust and effective method for construction managers to better control and monitor their projects.