Analysis of Cost and Schedule Performance of Residential Building Projects by EVM Technique
Abstract
Earned value management (EVM) is a project control technique which provides a quantitative measure of work performance by cost and schedule monitoring. It involves a crediting (earning) of budget as scheduled work is performed. The EVM technique is a proven method to evaluate work progress in order to identify schedule slippage and areas of budget overruns. Value earned for a given task is computed as budgeted cost of work performed and is a function of time, work completed, and budget. In this study, budgeted cost of work performed is compared against actual cost of work performed and budgeted cost of work scheduled to assess cost and schedule variances, respectively. Keywords: Project performance evaluation, cost variance, schedule variance, cost performance index, schedule performance index
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