A Study Of The Applications Of Earned Value Management In The Engineering And Construction Project Management

The three most important goals of project management are"Schedule","Quality"and"Cost". The success implement of a project involves cost, schedule, quality, scope, risks and many other factors. To achieve the goals of project management, we need to execute comprehensive management methods. Traditional project management methods are mainly used to control one single goal. However, Earned Value Management (EVM) integrates schedule and cost of a project and overcomes the deficiency of traditional methods which control different goals respectively. EVM controls project dynamically and can forecast the possible overrun costs and lag times of a project, by which, we can adopt some corrective measures in time to improve project management performance. EVM fits different project organization structures of different fields, and also different types of engineering and construction project.On the basis of the theory of engineering and construction project management and EVM, this paper tries to apply EVM to the management of a real engineering and construction project to discuss the possibility and significance of the application of EVM. This research studies the application of EVM in an epoxy ethane/ethylene glycol device of Shanghai Petrochemical Ltd.. Following every step of EVM, this paper illustrates the methods and theoretically analyzes the result of indicators.The result of the research indicates that EVM is an effective method to manage the cost and schedule of engineering and construction project comprehensively. By timely monitoring and analysis of those quantitative parameters and indicators, we can know the status and tendency of project cost and schedule well, and to adopt some corrective measures to control the project within a benchmark range in order to help the project managers make right decisions and ensure the achievement of the cost and schedule goals of the project.After all, this research analyzes the existing problem of EVM on the aspects of cost and schedule management. And puts forward some advises and improvement methods, such as the introduction of quality and safety parameters, according to the deficiency on integration management.