Earned Value Management (EVM) is a project planning and control approach which provides cost and schedule performance measurements. It compares actual accomplishment of scheduled work and associated cost against an integrated schedule and budget plan.
Earned Value Management (EVM) for Construction
Description
Duration:
Instructor: Phil Perry
When it comes to cost and schedule on your construction projects, do you know where you’re at and where you’re going?
Realizing that you’re aimed at an iceberg when you’re 100 meters away isn’t helpful. It’s so much better if you notice the iceberg when you’re 10 kilometers away, so that you can do something about it! This is part of the “construction management” that owners expect from contractors.
Construction project management is a challenge in an increasingly competitive marketplace. Effective project-planning and -control approaches must often be compliant with owners’ contractual requirements. Successful project managers demand that their projects meet the contracted scope of work, and be completed on schedule and within budget. To ensure success, an effective project control system must be designed, developed, and implemented to provide management with timely and accurate information on deviations of cost and time parameters from the target objectives established during the planning cycle of the project.
Earned Value Management (EVM) is a project planning and control approach which provides cost and schedule performance measurements. It compares actual accomplishment of scheduled work and associated cost against an integrated schedule and budget plan. Its benefits include visibility into the true progress of the project work against the budget, projections of anticipated project schedule, and cost trends, and the ability to take timely corrective actions for undesired variances. EVM is one of the most powerful and productive concepts used in managing today’s complex projects in private, commercial, and government environments.
The fundamentals of EVM will be presented in a down-to-earth, basic approach, along with hands-on exercises and examples that will allow participants to apply the concepts.
Participants will:
Obtain basic knowledge in understanding and using an effective performance management system in managing construction projects effectively.
Detect both positive and negative trends in a timely manner.
Forecast the Projected Final Cost (Estimate at Completion) using several techniques.
Confidently and quickly make project decisions concerning scope, cost, and schedule
Learn to avoid the project-management pitfalls by quickly identifying and mitigating risks
Who Should Attend:
This course is for owner, designer, contractor, and subcontractor personnel who are involved with cost and schedule management.
