International Research Journal of Engineering and Technology (IRJET)
e-ISSN: 2395-0056
Volume: 10 Issue: 07 | July 2023
p-ISSN: 2395-0072
www.irjet.net
Tracking a Typical Apartment Construction using Earned Value Management Nayana K C1, Dr.Chethan K2 1Mtech Student (Construction Technology), University Visvesvaraya College of Engineering, Bangalore University,
Bengaluru
2Associate Professor, Civil Engineering Dept. University Visvesvaraya College of Engineering, Bangalore University,
Bengaluru ---------------------------------------------------------------------***---------------------------------------------------------------------
Abstract - Construction companies are already one of the
final cost was US$105 billion, 186% higher than expected. It was also completed six years behind schedule. No project manager wants to be on the front lines of a disastrous project that fails. Then turn to the discipline of project management to find a solution. Earned value management is a proven method that helps solve this problem.EVM emerged as a specialized area of financial analysis for US government programs in the 1960s, and the government established regulations for the installation of EVM systems by contractors. Since then it has become an important area of project management and cost planning. A project management study investigating his EVM contribution to project success shows a moderately strong positive association. EVM implementations scale to projects of any size and complexity. Tracking is necessary to know the progress of a construction project. Tracking helps identify project status and future development. Revenue value analysis is the most commonly used method for tracking project progress. Project delivery time and cost measurement can be done together through earned value analysis.
largest industries and require enormous resources and time to complete successfully. Therefore, with such large-scale projects, companies face the problem of project evaluation. Several techniques have addressed this issue. In this paper, we examine Earned Value Method for evaluating project performance by tracking. It is a systematic project management process designed to identify project variances based on a comparison of completed work versus planned work. EVM is used to manage costs and deadlines and is very useful for project forecasting. It contains the items and performance indicators used to track projects, benefit project managers, and ultimately lead to project success. It also shows how revenue amounts for project budget and project schedule deviations serve as indicators of variance and performance. Key Words: Actual Cost, Planned Value, Earned Value, Schedule Performance Index, Cost Performance Index.
1. INTRODUCTION The construction industry plays a key role in economic growth by having multiple impacts on the economy as a whole, but due to the implicit nature of the construction business, information gleaned from planning, scheduling and tracking construction projects are rarely shared. Construction work includes not only physical activities using human resources, materials and equipment, but also the proper management of human resources, equipment and materials through proper planning using project management tools. Construction projects suffer huge losses due to project delays. Timeouts are a serious problem when project development faces many challenges and uncertainties. Timeouts occur when a project exceeds the budget or planned time calculated at the beginning of the project. A cost overrun occurs when the actual value or cost of a project exceeds the budgeted value. Project management is the skill and task of managing power and preparing, organizing, and directing an individual's efforts to use natural materials for their personal growth needs. However, cost overruns are a common problem in large projects. For example, the construction of the International Space Station was initially planned at a budget of US$36.75 billion, but the
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1.1 Project Management A project is a time-bound effort with a planned sequence of tasks from the beginning to the end of the project. They are interrelated and must be implemented within given time, budget and resources. Construction projects have various constraints such as duration, cost and resources. Management is understood as the process of successfully completing a task professionally, jointly or through others. Project management is the use of information, skills, equipment, and technology to conduct project activities that meet or exceed the needs and expectations of stakeholders for the project. This project management is divided into phases as in figure 1
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Project initiation
Project definition
Project Execution
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