Earned Value Method- A Way of Cost and Schedule Control of Building Construction Project

Abstract

Two parameters are time and costs have great influence on a construction project for successfully completion of the project. Those parameters can be bound on track with choosing proper way of project management. So there needs such tools through which the project manager can easily monitor and control any type of construction project. Earned Value Method (EVM) is new matrix which can provide an analysis considering the estimated cost and schedule of a project. This work is done by analyzing with giving concern on planned value, earned value and actual cost associated with completing tasks. A Case study was performed on construction project of KUET (URP Building), Khulna showed that the projects over budget and behind of schedule due to delay. CPI and SPI are the two indexes were considered to analyze this work. The results showed that after 24 weeks of completion of this project was in over budget and behind of schedule comparing planned program. Therefore, EVM can be considered an effective tool in case of project performance evaluation when the activities of the project were well defined.