Abstract
Abstract : A project is regarded as a temporary endeavour undertaken to create a unique product, service or result, thus various organizations and entities have recently realised the benefits and advantages of utilizing a project based organizational structure, to execute and conclude predefined interrelated tasks which produce a unique outcome. Given the numerous dynamics and complexities involved in its execution, it is of paramount importance to effectively and efficiently manage all activities involved and related to the project, with the objective of successfully delivering the project. Project Management is the concept and practice utilized by project practitioners to plan, execute, monitor and control the performance of projects. This research paper will focus on Earned Value Management (EVM), and its extension theory, Earned Schedule (ES), as the techniques proposed to manage the three main project constraints namely: scope, cost and schedule. The research is specifically based on EVM and ES capabilities to monitor and report on the physical schedule performance of projects, and the techniques competency to predict and forecast future project parameters relating to its schedule performance. EVM is known as the most comprehensive method used to monitor and control the performance of a project’s cost and schedule, through the integration of the projects scope, budget and duration. As the method was continuously used from the mid-1960s, a common trend and constant observation were realised on the schedule indicators, particularly their ability to correctly report on the performance status of the schedule. In instances where a project is being influenced to complete early or later than the planned date, EVM tends to lose its indicative and predictive capabilities, presenting false data which have no validity. ES, is an extension theory to EVM, is specifically formed to curb the anomalies presented by EVM on schedule reporting. The objective of this research paper is to firstly, confirm the hypothesis of EVM schedule performance indicators offering flawed and unreliable indications. Secondly, introduce the newly formed ES concept/technique which aims at improving the anomalies that are offered by EVM. Project data offered by two projects executed by Hatch (Pty) Ltd. will be utilized to validate the hypothesis of EVM regarding its schedule performance indicative and predictive qualities, and the capabilities of ES to combat the anomalies presented by its counterpart. Based on the theory offered by other researchers and the analysis performed on both projects, the retrieved schedule performance data convincingly suggest ES as the most comprehensive, reliable, and consistent tool, over EVM, in reporting precise, factual and comprehendible data, regarding the schedule performance of projects. Attributes detailing the tools supremacy over its counterpart were identified and presented by the research participants.
M.Ing. (Engineering Management)