Earned Value in Construction Project Management

Project management is an old concept that has been used since ancient times,The term "project" is derived from the Latin word "projectus," which means "something that is projected,One of the most critical aspects of project management is the effective management of resources ,This includes managing the project team, budget, timeline, and scope, The project manager is responsible for coordinating and directing the project team to achieve the project objectives. The project manager also needs to ensure that the project is completed within the allocated resources and within the specified time frame and budget,The Earned Value Management EVM technique is one of the very important methods that have been widely used in the past three decades to measure the real progress of a project, and in other words, for comprehensive and integrated project management, using the EVM approach in technical projects for Evaluation of project performance and the impact of progress on project budget planning are known. This requires the estimation of some key elements such as the estimated cost of completion and project time, which are initially estimated in this method. One of the tasks of project management is to review project performance information and calculate key performance indicators, predict the future status of projects and prepare monthly performance reports at different levels of cost centers, WBS and work packages. To achieve this goal, it is part of the EVM technique.

Keywords:

Earned Value , Project Management , EVPM , EVMS , Fast Track