Abstract:
Construction project managers monitor and control the performance of project. The Earned Value Management (EVM) is a tool that integrates three critical elements of project management which includes scope management, cost management, time management. EVM concept is used to monitor and control the project performance by using cost and schedule performance indices(C/SPI). EVM is a technique which is traditionally used to forecast project cost and time at completion. However, the application of EVM has some limitations due to unrealistic nature in forecasting cost and schedule performance. Conventional EVM has inability to address the uncertainties as well as their causes and effects. This study describes the major aspects of Earned Value analysis with probabilistic approach of useful statistical technique Weibull Analysis to enhance the effective monitoring and controlling in project management for residential projects. From this study it is concluded that the applicability of Weibull analysis in consideration of EVM is suitable in area of construction engineering and management. For that case study of two residential projects is considered in this work. Results are interpreted by studying nature of Weibull shape and scale parameters of datasets and further by computation of performance probability and reliability. From this study it was found that the applicability of Weibull analysis for evaluating and comparing the cost and schedule performance in conjunction with Earned Value concept of two residential building projects using performance probability graphs which can help to find out issues like delays and labour management to improve schedule and cost performance of residential projects.
Description:
Keywords—Construction management, Cost performance, Earned value analysis, Resource management, Residential project, Schedule Performance, Weibull analysis
