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Keywords = earned schedule (ES)

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22 pages, 330 KiB  
Article
Improving Project Estimates at Completion through Progress-Based Performance Factors
by Filippo Maria Ottaviani, Alberto De Marco, Timur Narbaev and Massimo Rebuglio
Buildings 2024, 14(3), 643; https://doi.org/10.3390/buildings14030643 - 29 Feb 2024
Cited by 12 | Viewed by 2355
Abstract
From a managerial perspective, project success hinges on estimates at completion as they allow tailoring response actions to cost and schedule overruns. While the literature is moving towards sophisticated approaches, standard methodologies, such as Earned-Value Management (EVM) and Earned Schedule (ES), are barely [...] Read more.
From a managerial perspective, project success hinges on estimates at completion as they allow tailoring response actions to cost and schedule overruns. While the literature is moving towards sophisticated approaches, standard methodologies, such as Earned-Value Management (EVM) and Earned Schedule (ES), are barely implemented in certain contexts. Therefore, it is necessary to improve performance forecasting without increasing its difficulty. The objective of this study was twofold. First, to guide modeling and implementing project progress within cost and to schedule Performance Factors (PFs). Second, to test several PFs utilized within EVM and ES formulae to forecast project cost and duration at completion. Progress indicators dynamically adjust the evaluation approach, shifting from neutral to conservative as the project progresses, either physically or temporally. This study compared the performance of the progress-based PFs against EVM and ES standard, combined, and average-based PFs on a dataset of 65 real construction projects, in both cost and duration forecasting. The results show that progress-based PFs provide more accurate, precise, and timely forecasts than other PFs. This study allows practitioners to select one or more of the proposed PFs, or even to develop one, following the guidelines provided, to reflect best their assumptions about the future course of project performance. Full article
(This article belongs to the Section Construction Management, and Computers & Digitization)
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25 pages, 13903 KiB  
Article
A Systematic Review of Earned Value Management Methods for Monitoring and Control of Project Schedule Performance: An AHP Approach
by Luis Mayo-Alvarez, Aldo Alvarez-Risco, Shyla Del-Aguila-Arcentales, M. Chandra Sekar and Jaime A. Yañez
Sustainability 2022, 14(22), 15259; https://doi.org/10.3390/su142215259 - 17 Nov 2022
Cited by 10 | Viewed by 12668
Abstract
Successful project management depends on ensuring the project’s objectives. Within these objectives, technical success is associated with achieving the expectations of the project baseline. The baseline of the project is made up of the definition of the scope (WBS), time (schedule) and costs [...] Read more.
Successful project management depends on ensuring the project’s objectives. Within these objectives, technical success is associated with achieving the expectations of the project baseline. The baseline of the project is made up of the definition of the scope (WBS), time (schedule) and costs (S curve) of the project. Directly, the project is expected to be technically successful if it manages to deliver its full scope on schedule and without associated cost overruns. Baseline performance management is how project managers track and control the progress of deliverables, timelines and associated costs. In a traditional approach, for waterfall-type projects that use the critical path paradigm, the baseline performance management tool par excellence is earned value management (EVM). Earned value management, in practice, works well when project costs are monitored and controlled; however, applying this approach to measure the status of the schedule presents serious inconsistencies. Over the last several decades, different variations of the original earned value have been developed to overcome some of these inconsistencies when used to measure project schedule status. Within these variations, we have the critical path earned value; the work in progress earned value; the critical path earned value and the work in progress; the earned schedule; and the critical path earned schedule. Each of these proposals tries to address some weakness of the original earned value management applied to time monitoring and control, for example, considering critical tasks as a focus on monitoring the progress of the schedule, solving the problem of task recognition late finishers, reporting schedule variances in time units and measuring adherence to the project’s schedule (P factor). Due to the exposed situation, it is necessary to determine which alternative of the versions of the original earned value is the most appropriate for the management of the project schedule, considering that there are several evaluation criteria that must be considered. In the present research, a systematic review and comparison of EVM and its variations for measuring project baseline schedule performance are performed to determine the most suitable methods for monitoring and controlling the project baseline schedule. For this purpose, the analytic hierarchy process (AHP) is used, and five comparison criteria are considered: schedule variation focused on critical tasks, recognition and measurement of the delay of tasks that finish late, schedule variation in time units, measurement of schedule adherence (P factor) and software support and development. The result of the AHP performed for comparing the methods shows that the best method for monitoring and controlling the project baseline schedule is the critical path earned schedule because it behaves adequately in comparison with the other methods for the evaluated comparison categories. Full article
(This article belongs to the Special Issue Achieving Sustainable Development Goals in COVID-19 Pandemic Times)
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20 pages, 1683 KiB  
Article
An Integrated Efficiency–Risk Approach in Sustainable Project Control
by Mohammadreza Sharifi Ghazvini, Vahidreza Ghezavati, Sadigh Raissi and Ahmad Makui
Sustainability 2017, 9(9), 1575; https://doi.org/10.3390/su9091575 - 5 Sep 2017
Cited by 6 | Viewed by 5561
Abstract
The lack of integrated project control techniques covering both qualitative and quantitative indices is one of the most important reasons leading to unfinished projects under predetermined schedules and expected budgets. Two modern techniques proposed in project control—the critical chain method and buffer management [...] Read more.
The lack of integrated project control techniques covering both qualitative and quantitative indices is one of the most important reasons leading to unfinished projects under predetermined schedules and expected budgets. Two modern techniques proposed in project control—the critical chain method and buffer management (CCM/BM), and the earned value analysis or earned value management and earned schedule (EVM/ES)—both have advantages and disadvantages. Goldratt proposed the CCM/BM method in 1997 based on the theory of constraint (TOC), but this method was not successful despite some improvements in project control because of some executive reasons. The most noteworthy constraint of this method is the management of time and time risks (use of a time buffer) of the project more than the subject. Goldratt believed that time control could be the most critical issue in project control. In other words, the overall problems associated with each project can be solved as long as the buffer time is under control and there is no need to control the other items. EVM/ES is one of the important techniques used to calculate real project development; it has been used for the integrated management of sustainable projects in recent decades. Using this technique, project managers can predict the final status of the project in terms of the necessary time and cost to finish the project. However, this method is limited by the management of the project cost and the lack of interference in the project risks. In sum, the CCM/BM method focuses on time and its risks associated with the project, thus making it advantageous to other techniques. Conversely, EVM/ES focuses on the costs or schedule with non-probabilistic assumptions, giving some interesting results. Therefore, this study aims to represent an integrated framework that considers the advantages of both CCM/BM and EVM/ES, called the efficiency–risk approach, which is implemented to control sustainable projects efficiently. This hybrid form can simultaneously control all the parameters, including both quantitative and qualitative variables, time, cost, and risk in conjunction with the project. Schedule and cost buffers of the project are derived using new formulations that provide appropriate estimations on the duration and cost for completing the sustainable projects and the relevant risks. The proposed ideas are analyzed and described through an industrial case study in the Steel Company, Isfahan, Iran. Full article
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