Earned Value Research Articles

Analysis of Delays and Time Acceleration Strategies in the Renovation of Grha JST Building

Effective construction project management necessitates adherence to cost, quality, and timeline objectives. However, delays frequently challenge project success, impacting both schedule and budget. This research investigates the causes and consequences of delays within the Grha JST building renovation project, exploring mitigation strategies. Utilizing the Earned Value and Crashing methods, the study analyzes project performance to identify efficient delay management approaches. Recommendations are provided to enhance future project execution and mitigate delays effectively.

A Generic Framework for Managing Schedule and Cost Risks of Construction Activities Using PERT and the EV Technique

Construction projects are complexity, multidisciplinary, have thousands of activities and details, and involve many participants. This intricate and fragmented nature of construction projects coupled with tight budgets and limited resources makes them good candidates for failure and promotes the emergence of risks. These risks must be addressed in the decision-making process and properly managed to mitigate their effect. However, risk management is one of the most difficult tasks and the assessment and analysis of the cost and schedule risks of construction activities are considered the most challenging tasks in the whole risk management process and require careful considerations throughout the life cycle of a project. Despite the high cost associated with managing risk in construction projects, the outcome of this task normally provides fruitful benefits. To address this crucial issue, this study employs a mixed methodology approach utilizing both qualitative and quantitative methods to gather feedback from construction experts and identify schedule and cost risk events associated with construction activities, prioritize their likelihood of occurrence, and suggest responses to mitigate them. The Program Evaluation and Review Technique (PERT) and earned value (EV) analysis are then used to estimate the expected cost at completion and the risk associated with it. A spreadsheet framework is then developed to help construction practitioners identify the most severe risks and measure their effect on the project’s duration and cost. The framework also suggests risk responses for each of the risk events. The study then provides recommendations to mitigate risks with high impact and severity.

Estimated Cost And Time For Completion Of The Bali GX Office And Co Working Project Using The Earned Value Method

The GX Office & Co Working Bali construction project faced significant delays in the 27th week with a deviation of -4.31%, which could result in increased costs and delays in completion. So, an effective solution is needed to overcome project delays and ensure that the project is completed on time and within budget. This research aims to examine the application of the Earned Value Method (EVM) in evaluating the performance of the GX Office & Co Working Bali project by calculating the Estimated Temporary Schedule (ETS), Estimated All Schedule (EAS), Estimate Temporary Cost (ETC) and Estimate All Completion (EAC). The research uses descriptive quantitative methods by collecting data from weekly project progress reports, actual costs, and planned values. Data analysis was carried out by calculating Planned Value (PV), Earned Value (EV), Actual Cost (AC), Cost Performance Index (CPI), Schedule Performance Index (SPI), ETS, EAS, ETC, and EAC. The research results show an ETS value of 114 days with an EAS of 303 days. So, there is an additional time of 9 days from the planned schedule. ETC results amounted to IDR 3,723,631,710.12, with EAC amounting to IDR 7,699,818,710.12. So, the cost of completing the project is lower than planned, with a difference of IDR 2,545,727,760.88. The results of this research contribute to the project management literature by showing the effectiveness of EVM in identifying deviations and the basis for making strategic policies needed so that projects can be completed on time according to plan.

ANALYSIS OF TIME AND COST CONTROL IN AN ASRAMA HAJI PONTIANAK BUILDING CONSTRUCTION PROJECT USING THE EARNED VALUE ANALYSIS METHOD

Efficient management of construction projects requires meticulous oversight of both time and cost elements. This investigation focuses on employing Earned Value Analysis (EVA) to supervise and regulate the Asrama Haji Pontianak Building Construction Project. EVA furnishes indispensable insights conducive to proactive decision-making by evaluating the project's advancement vis-à-vis predetermined schedules and financial plans. The study critically assesses the utilization of EVA, scrutinizing its efficacy in forecasting project outcomes, detecting deviations, and facilitating prompt corrective measures. A thorough examination of time and cost performance indicators, including the Schedule Performance Index (SPI) and Cost Performance Index (CPI), illuminates the project's adherence to established schedules and budgets. Furthermore, it delves into the challenges encountered and the strategies employed in integrating EVA into project management methodologies. From the results of the analysis of the time and cost of the Asrama Haji Pontianak building construction project experiencing a delay of 1 week from the planned time and the estimated total final project cost of Rp. 21.400.271.242,98 is less than the planned cost of Rp. 21.876.433.145,64.The findings enhance the understanding of EVA's role in optimizing time and cost control, offering valuable insights for future construction projects aiming for improved performance and efficiency.

Performance Control of Road and Bridge Preservation Projects Using Earned Value Management (EVM) Method

Performance Control of Road and Bridge Preservation Projects Using Earned Value Management (EVM) Method

Developing fuzzy-based earned value analysis model for estimating the performance of construction projects. A case of selected public building projects in Ethiopia

Developing fuzzy-based earned value analysis model for estimating the performance of construction projects. A case of selected public building projects in Ethiopia

Integrating risk management and earned value framework to detect early warning signs – Case study

The construction industry, renowned for its inherent risks, faces challenges stemming from diverse factors such as conflicting stakeholder objectives and environmental fluctuations. To address these uncertainties, Risk Management (RM) procedures serve as preemptive measures to alleviate the impact of potential risks. This research introduces an integration framework that amalgamates principles of risk management with the earned value technique, specifically tailored for managing mega infrastructure projects in Kuwait. Through an expert panel, key risk elements are identified, forming the basis for a comprehensive risk mitigation strategy. The application of the earned value technique throughout the project construction phase enables real-time monitoring and prediction of project performance indicators. The periodic integration of RM principles and earned value applications provides valuable insights into project management, emphasizing the necessity of completing all risk management steps, garnering top management support for innovative techniques, and integrating project staff into management processes. This study underscores the significance of employing risk management and earned value techniques as crucial indicators for monitoring and enhancing project performance.

The Influence of the Problem Based Learning Model on Student Interest and Learning Outcomes

This research aims to (1) determine the effect of using the Problem Based Learning model on student learning outcomes in reaction rate material (2) knowing the effect of using models Problem Based Learning on students' learning interest in reaction rate material. The population of this study were all students of class XI MIPA SMAN 14 Medan. The sampling technique was carried out random sampling, namely class XI MIPA 3 as an experimental class with 34 students. The results obtained are the average value of the experimental data class pretest and posttest is 37.50 and 79.85, which means it is higher than the minimum completeness criteria (KKM) value, namely 75. Data from the normality and homogeneity tests obtained normal distribution and homogeneous data. The results of the hypothesis test were carried out using one sample t-test at the significance level α = 0.05, earned value tcount 2.403 > ttable 1.692 with sig. (2 tailed) 0.022 < α = 0.05 so Ha is accepted and H0 is rejected. Students' interest in learning in the experimental class obtained an average score of 77.02 with high criteria of 47.1% and medium criteria of 52.9%.

The Effect of Earnings Per Share (EPS) and Price Earning Ratio (PER) on Share Price (Case Study of Adro Energy Indonesia Tbk.)

This study plans to decide and demonstrate the impact of Earnings Per Share (EPS) and Value Procuring Proportion (PER) on share costs in Adro Energy Tbk. organizations in 2017-2023. The information utilized in this study is auxiliary information got from different gatherings, to be specific the Indonesia Stock Trade as organization fiscal reports. The example added up to 1 organization. The examination methods completed are by trying old style suspicions, coefficient of assurance (R2), different direct relapse, and speculation tests (F test and t test). In view of the consequences of the examination, it very well may be reasoned that at the same time PES essentially affects the offer cost of Adro Energy Indonesia Tbk organizations recorded on the IDX for the 2017-2023 period, while PER doesn't altogether affect the offer cost of Adro Energy Indonesia Tbk organizations recorded on the IDX for the 2017-2023 period.

A System Dynamics Approach to Feedback Processes in Project Scheduling

Projects, as catalysts for proactive transformation, offer a temporary and adaptable framework that effectively handles complexities (or uncertainties) within a competitive corporate landscape. Hence, the use of an effective project management framework, such as Dynamic Project Scheduling (DPS), is a method to handle intricacies in order to accomplish organizational objectives. DPS refers to a triangle interaction involving baseline scheduling, schedule risk analysis, and project control while supporting schedule adjustment in response to changes and uncertainties. However, there is a lack of information regarding studies that have investigated the feedback mechanisms among DPS components. This study was designed to examine the counterintuitive relationships between these components using system dynamics. The quantities within the DPS system were identified and defined. A casual loop diagram was used to illustrate the interactions among these quantities. Subsequently, a Stock and Flow Diagram (SFD) was created to identify the inputs, states, and flow mechanisms within the DPS. Using the SFD, a system dynamics expression was generated which was then employed to compute the rate of change of the Budgeted Cost of Work Remaining (BCWR) for two projects at different time intervals. The results properly indicated the period of idleness during project execution. The use of BCWR rather than schedule variance provides a more effective visual representation for evaluating performance and tracking progress. The BCWR and planned value exhibit contrasting trends, highlighting the importance of earned value quantities in project control. The use of system dynamics in project management can enhance the planning and scheduling phase, allow project managers to monitor pertinent performance measures, and optimize project outcomes through informed decisions.

Accelerating the middle – rise building construction duration using BIM 4D, a case study in central Jakarta

Construction planning involves scheduling and sequencing of project activities for proper execution. Research was conducted to obtain and enhance construction project scheduling, which was good and in accordance with the targets achieved. The results of the project performance analysis in the 9th month using the Earned Value Method resulted in SPI <1 and SV <0, indicating that the project experienced delays. Scheduling using the PDM based on the actual duration of the project shows that the project will be completed in 511 days. The project duration can be accelerated to 429 days by combining overlap and overtime methods. The scheduling results were simulated using BIM 4D to generate a visualization of the scheduling to improve the project monitoring process.

Socio-Economic Causes of Smuggling in Pakistan: An Empirical Analysis

This research aims to investigate the economic drivers of smuggling in Pakistan. For this objective, data from 300 respondents were gathered from places where smuggling occurs in Pakistan. The binary logistic approach is utilized to evaluate the socioeconomic determinants of smuggling. Results infer that the age of the respondent, people living in rural areas, the employed status of the household, education level, the value of assets, earnings, and livestock ownership are the factor that reduces the participation of the people in smuggling activities. Conversely, married households, household size, and monthly expenditure are increasing smuggling activities in the study area.

Artificial Intelligence Models for Predicting Budget Expenditures

This study develops and tests a machine learning (ML)-based cost forecasting model against traditional earned value management (EVM) techniques. Utilizing Python for ML implementation, the research applies algorithms to a dataset of completed projects globally, evaluating their performance with metrics like mean absolute percentage error (MAPE) and percentage error (PE). The results confirmed that ML give more accurate results than the traditional methods. Thus, the initial rate showing that XGBoost is more accurate than the traditional method using Index-2 is 88%. In 23 of 25 randomly selected projects, this algorithm was more accurate. At the middle stage, the same frequency is 92.6%; later stage, the selected criterion further confirms that the ML algorithm is more accurate than the traditional method, accounting for 75% of 21 projects out of 28. By introducing ML into project management forecasting, managers could spend less time on the technical tasks in their projects. Despite its effectiveness, the study's scope is limited by a small sample size of 110 projects and the testing of only three algorithms. Future research is suggested to expand the dataset and explore additional algorithms, including neural networks and tree-based methods, to enhance forecasting precision.

Application of the Randomized Earned Value Method to assess the advancement of the construction of the office building under the unstable implementation conditions

The REVM method is a modernized option of classical EVM method. The new method has been developed for applying in unstable condition of works implementation. When the works can be accidentally disturbed and the impact of random disruption factors on course and results of works must be taken into consideration. Next, Randomized Budgeted Duration to Completion and Randomized Budgeted Cost to Completion that is duration and cost of works remaining to execution after each inspection, as well as the Randomized Budgeted Duration at Completion and Randomized Budgeted Cost at Completion that is duration and cost of all works of the project completion after the site inspection. Moreover, the risk of durations and costs overrun of works are evaluated. It is important that input data required for the REVM method are the similar and are measured in the same way as in typical control of advancement works. But results of the application consist new decision information. Control of the investment under deterministic conditions, without taking into account the risk of disruptions, resulted in a final deviation from the planned budget of over 7%, and from the planned completion of the investment by almost 12%. Without analysing the factor related to disruptions at the investment implementation stage, the material and financial schedule was completely outdated. On the other hand, when controlling the investment under risk conditions and introducing organizational and technological changes adequate to the inspection reports, the final deviation from the planned budget was less than 2%, and slightly more than 2% from the planned completion date. Researches confirm that the results received by using the REVM method well reflect real situation of works implementation.

Evaluasi Keterlambatan Proyek Pembangunan Jembatan Gantung Bangun Jawa I Kabupaten Serdang Bedagai

Delays in construction projects often result in losses for construction actors, and can be caused by internal, external, and other factors such as natural, management, material, and environmental disasters. Research was conducted on the Java I Construction Suspension Bridge project, Serdang Bedagai Regency to evaluate delays in terms of cost and time. The goal is to evaluate the schedule of the project plan and implementation and find out the cause. Evaluation using the Earned Value Management method shows that project implementation tends to be slow, but costs are still below budget with an estimated Rp. 2,454,274,500,- and 36 weeks. Delays are caused by the engineering justification process, late delivery of bridge trusses, and instability of service provider cash flow. This research is expected to provide a reference for construction actors to anticipate delays in other projects.

Mother's knowledge and attitudes towards preventing stunting in their toddlers (1-5 years) in West Java Indonesia

Background: Stunting is a term used to describe a condition when a child's physical growth does not reach the height that should be appropriate for his age. This indicates that the child is experiencing growth delays which can have a negative impact on their physical and cognitive development. Stunting or shortness of breath occurs when babies (0-11 months) and toddlers (12-59 months) experience growth failure as a result of chronic malnutrition, especially during the first 1,000 days of life. The impact is that the child has a shorter height than the standard that should be appropriate for his age. Purpose: To determine the relationship between knowledge and attitudes of mothers towards stunting in toddlers (1-5 years) in the Ciherang Community Health Center working area, Cianjur Regency in 2023. Method: Quantitative research with a research design cross sectional. This research was conducted from April to May 2023. Respondents were 53 mothers who had stunted children under five. Data collection was carried out by observing, analyzing data using tests spend-square. Results: Analysis results spend-square earned value p-value = 0.003 &lt; 0.05. Conclusion: There is a relationship between mother's knowledge and attitude towards stunting. Suggestion: It is hoped that it can increase knowledge and insight for mothers to know the importance of prevention stunting from the age of toddlers in order to reduce the number of incidents stunting in Indonesia, especially in the Cianjur Region.

Project cost forecasting based on earned value management and Markov chain

Project cost forecasting based on earned value management and Markov chain

Managerial Mental Accounting and Downstream Project Decisions

Project leaders are responsible for planning, controlling, and revising projects. As a project unfolds, the leader evaluates the project’s progress by comparing ongoing costs and scope to a baseline plan and considers potential revisions. We offer a general model of managerial mental accounting, which includes loss aversion, reference point updating, and narrow framing, and examine how it impacts downstream decisions. Our model predicts insufficient adjustments of project scope and cost at revision, resulting in reduced financial profit. We show that the choice of measure to quantify the project progress—planned, actual, or earned—affects the updating of reference points, and hence the downstream decisions. Thus, progress measures could be wisely employed to mitigate insufficient adjustments. It turns out that measuring progress via planned scope is often advantageous, whereas utilizing earned value for cost is never advisable. This paper was accepted by David Simchi-Levi, behavioral economics and decision analysis. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mnsc.2021.02929 .

Predicting construction cost under uncertainty using grey-fuzzy earned value analysis

Insufficient emphasis on planning and control is one of the major causes of several delayed and cost-overrun construction projects. To improve such performances, many studies have been conducted on project control techniques such as Earned Value Analysis (EVA) and its modifications: fuzzy EVA and grey EVA. Since there is no analytical model integrating fuzzy theory and grey theory simultaneously with EVA, this research aimed at predicting construction cost under uncertainty using grey-fuzzy EVA. Consequently, simple and valid project cost control grey-fuzzy EVA algorithms were developed to ensure continuous project cost performance improvement in the presence of imprecise data. In addition, an analysis result interpretation scheme was presented. Grey-fuzzy EVA was compared with fuzzy EVA and grey EVA to check its validity. Then, a case study of a road project in Addis Ababa, Ethiopia, was presented to demonstrate the application of grey-fuzzy EVA. This research contributes determinations of the lower limit, median, and upper limit of predicted costs and degree of greyness using grey-fuzzy EVA, which simplifies cost analysis, requires only a small number of data points (BAC, PV, AC, and Progress), needs no experts to create a membership function, and is comprehensible for practitioners as compared to fuzzy EVA and grey EVA used separately.

Value relevance of IFRS adoption in the deposit money banks in Nigeria

The prime role of financial statements is to provide information that is useful to existing and potential investors, creditors and other users in making rational investment and similar decisions. Accounting information is a product of Generally Accepted Accounting Principles (GAAP), standards and other institutional settings which are presumed to shape the form and content of the financial reports. Uniform accounting standards assist investors and other market participants to effectively analyze firms from countries with accounting standards that they are familiar with and that IFRSs are adopted in order to achieve information of higher quality than local standards. Value relevance is one of the most common methods of examining the quality of accounting information. Information has the quality of relevance when it influences the economic decisions of users. This study examined value relevance of accounting information after the mandatory IFRSs adoption in the Nigerian Banking industry. Correlational research design using pre-and-post IFRSs regime analysis in a sample of 15 banks for a period of 8 years (2008-2015) was employed. Panel regression technique of data analysis was used and the study found that the adoption of IFRS has significantly improved the value relevance (decision usefulness) of accounting information of deposit money banks in Nigeria during the period covered by the study. However, the results show that the adoption of IFRS improves the value relevance of book values of equity and accounting earnings significantly. We recommend that accounting regulators should investigate the implementation credibility of IFRS in the Nigerian banks.