Controlling Project Costs with Earned Value Management

Pavyer, Eric
March 2002
Management Services;Mar2002, Vol. 46 Issue 3, p24
Academic Journal
Earned Value Management (EVM) is an effective tool for project managers who want to determine the health of a project in terms of labor and expenditure. It achieves comparisons between work scheduled on a project and actual work completed. Earned value represents a quantifiable monetary value for project status enabling managers to provide oversight for performance, resources and time. In using EVM, all forecast work for a particular project is planned, budgeted for and allocated a time schedule. This gives rise to the planned value of a project, which can be displayed as a time and cost measurement baseline.


Related Articles

  • Integrated 4D Model Development for Planning and Scheduling of a Construction Project using Geographical Information System. Naik, Gopal M.; Aditya, M.; Naik, Suman B. // International Proceedings of Economics Development & Research;2011, Vol. 15, following p280 

    The current day demand of construction industry requires a highly accurate planning, scheduling and management of the process of the project which can enable the overall optimization of the cost, time and resources. The older system of usage of MS Project and Primavera for scheduling, AutoCAD...

  • An Approach for Project Scheduling Using PERT/CPM and Petri Nets (PNs) Tools. Boushaala, Amer A. // Proceedings of the International Conference on Industrial Engine;2014, p939 

    The Petri Nets are more powerful models as compared to the PERT/CPM charts. The Petri Nets show the same type of scheduling constraints as the PERT/CPM charts does. We can easily convert a PERT/CPM networks to a Petri Net model. This work shows how to use Petri net's for modeling and verifying...

  • Integrating with Project Schedule Risk Improves Analysis of Cost Risk. Hulett, David T.; Druker, Eric // AACE International Transactions;2014, p1 

    The main benefits of integrated cost-schedule risk analysis are in its (1) improvement of the estimates of cost risk and (2) identification of the main risks to cost, including risks to schedule that imply risks to cost, for mitigation purposes. Schedule risk is important in itself, but when...

  • The Necessity of Project Schedule Updating/Monitoring/Statusing.  // Cost Engineering;Jul2003, Vol. 45 Issue 7, p8 

    Many people and companies have learned the value of planning and scheduling for management of projects. However, some fall short when it comes to committing resources, time and money, to periodically check a properly planned schedule to see if everything is being done according to the...

  • Project scheduling under limited resources. Moizuddin, Mohammed; Selim, Shokri Z. // AACE International Transactions;1997, preceding pVE&C. 

    Proposes an algorithm that uses the tabu search for a resource constrained project scheduling problem. Short-term memory component; Aspiration level and aspiration criteria; Testing of the algorithm using 110 benchmark problems.

  • Owner: 'Keep me updated.'. Parvin, Cordell // Roads & Bridges;Feb2001, Vol. 39 Issue 2, p26 

    Focuses on the importance of an updated schedule for a building project emphasized by a United States Federal Highway Administration report. Benefits derived from an updated project management schedule; Cases where evidentiary value of the 'as-built' schedule were discontinued due to failure of...

  • Who Does What? Hopkins, Greg // Training & Development;Apr2000, Vol. 54 Issue 4, p16 

    Presents tips on how to use sample worksheets. Listing of major project phases; Pre-meeting planner; Dealing with a waffling client.

  • Schedule Review Basics. Olsen, Craig L. // AACE International Transactions;2000, pCSC03 

    Offers advice on reviewing someone else's schedule. Technical checkup; Confirmation of data integrity; Comparison of schedule with two other schedules using the target feature; Variances and trends.

  • Improving Productivity With Short-Interval Scheduling. Strutt, Walter J. // AACE International Transactions;2001, p3.1 

    Reports on the successful application of the short-interval scheduling method in project management. Theory of the scheduling technique; Basic principle of the method; Scheduling considerations.


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics