Assessment of value management by using earn value technique in construction industry

Value management (VM) is a structured and analytical process that seeks to achieve value for money by providing all necessary functions at the lowest cost consistent with required levels of quality and performance. The value methodology (VM), a systematic and structured approach, improves projects,...

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Main Author:	Mostafapour, Saman
Format:	Thesis
Language:	English
Published:	2013
Subjects:	TH Building construction
Online Access:	http://eprints.utm.my/id/eprint/33085/1/SamanMostafapourMFKA2013.pdf
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id	my-utm-ep.33085
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spelling	my-utm-ep.330852017-09-14T04:19:38Z Assessment of value management by using earn value technique in construction industry 2013-01 Mostafapour, Saman TH Building construction Value management (VM) is a structured and analytical process that seeks to achieve value for money by providing all necessary functions at the lowest cost consistent with required levels of quality and performance. The value methodology (VM), a systematic and structured approach, improves projects, products, and processes. VM is used to analyze manufacturing products and processes, design and construction projects, and business and administrative processes. VM helps achieve balance between required functions, performance, quality, safety, and scope with the cost and other resources necessary to accomplish those requirements. The proper balance results in the maximum value for the project. On the other hand the earned value (EV) technique is a crucial technique in analyzing and controlling the performance of a project which allows a more accurate measurement of both the performance and the progress of a project. Earned value management (EVM) has provided methods for predicting the final cost for projects. Earned value project management is a well-known management system that integrates cost, schedule and technical performance. However, many potential users in the construction industry are reluctant to employ VM because of a lack of tools to assess the effectiveness of VM studies. It appears that performance measurement of VM studies is rarely conducted due to the lack of rigorous models. Therefore, organizations have no clear way of knowing whether adequate returns have been achieved on their investment in VM studies. Without a reasonable assessment of the effectiveness of VM studies in achieving clients’ target, it is also difficult to know what changes can be made to obtain further benefits. The objective of this study is to improve the capability of value management system by providing a reliable clear-cut picture of the actual situation and forecasting method of the project by using EV technique and use those in VM in order to achieve the predicted function with lower cost while maintaining or improving the schedule performance. In nutshell, the project evaluated the key performance indicators and identified the most practicable ones through questionnaire survey. Afterword the application of earned value management as a key performance indicator is illustrated by using automatic Excel software. 2013-01 Thesis http://eprints.utm.my/id/eprint/33085/ http://eprints.utm.my/id/eprint/33085/1/SamanMostafapourMFKA2013.pdf application/pdf en public masters Universiti Teknologi Malaysia, Faculty of Civil Engineering Faculty of Civil Engineering
institution	Universiti Teknologi Malaysia
collection	UTM Institutional Repository
language	English
topic	TH Building construction
spellingShingle	TH Building construction Mostafapour, Saman Assessment of value management by using earn value technique in construction industry
description	Value management (VM) is a structured and analytical process that seeks to achieve value for money by providing all necessary functions at the lowest cost consistent with required levels of quality and performance. The value methodology (VM), a systematic and structured approach, improves projects, products, and processes. VM is used to analyze manufacturing products and processes, design and construction projects, and business and administrative processes. VM helps achieve balance between required functions, performance, quality, safety, and scope with the cost and other resources necessary to accomplish those requirements. The proper balance results in the maximum value for the project. On the other hand the earned value (EV) technique is a crucial technique in analyzing and controlling the performance of a project which allows a more accurate measurement of both the performance and the progress of a project. Earned value management (EVM) has provided methods for predicting the final cost for projects. Earned value project management is a well-known management system that integrates cost, schedule and technical performance. However, many potential users in the construction industry are reluctant to employ VM because of a lack of tools to assess the effectiveness of VM studies. It appears that performance measurement of VM studies is rarely conducted due to the lack of rigorous models. Therefore, organizations have no clear way of knowing whether adequate returns have been achieved on their investment in VM studies. Without a reasonable assessment of the effectiveness of VM studies in achieving clients’ target, it is also difficult to know what changes can be made to obtain further benefits. The objective of this study is to improve the capability of value management system by providing a reliable clear-cut picture of the actual situation and forecasting method of the project by using EV technique and use those in VM in order to achieve the predicted function with lower cost while maintaining or improving the schedule performance. In nutshell, the project evaluated the key performance indicators and identified the most practicable ones through questionnaire survey. Afterword the application of earned value management as a key performance indicator is illustrated by using automatic Excel software.
format	Thesis
qualification_level	Master's degree
author	Mostafapour, Saman
author_facet	Mostafapour, Saman
author_sort	Mostafapour, Saman
title	Assessment of value management by using earn value technique in construction industry
title_short	Assessment of value management by using earn value technique in construction industry
title_full	Assessment of value management by using earn value technique in construction industry
title_fullStr	Assessment of value management by using earn value technique in construction industry
title_full_unstemmed	Assessment of value management by using earn value technique in construction industry
title_sort	assessment of value management by using earn value technique in construction industry
granting_institution	Universiti Teknologi Malaysia, Faculty of Civil Engineering
granting_department	Faculty of Civil Engineering
publishDate	2013
url	http://eprints.utm.my/id/eprint/33085/1/SamanMostafapourMFKA2013.pdf
_version_	1747816075956846592

Assessment of value management by using earn value technique in construction industry

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