Study On Earn Value Method For Management Of Control Engineering Design

Earned value project management method is an evaluation tool that supports the management ofproject scope, time and cost. It was widely and successfully used in projects. EVM allows the projectmanage and project team to adjust project strategy and to make trade-offs based on actual projectperformance, thus to help project manager reach project target.Earned value project management method is to find out the cost variant and schedule variance bycomparing project cost, budgeted cost and schedule, which have been transferred to value in currencyunits. Traditional EVM only considers project as a complete object without considering workreakdown structure (WBS) and the contents of these work packages. This paper will quote critical pathinto traditional EVM method to show the challenges and corrections on real project performance.Earned value method requires huge amount of data and information during schedule control, costcontrol and quality control in project management. In fact, it is very difficult to record all those dataand information manually. Therefore, the case quoted this paper is created and analysed by MicrosoftProject platform. Associated with current executed project, the output from this paper is typical WBSfor business use; work duration assessment of typical design work; typical resource matrix; commonused cost calculation method; Baseline for automation system design project. Based on this baseline,one time point will be assigned to do earned value analysis. Further analysis on values on critical pathis made for comparison with traditional way while the advantage and possibility is validated. FIPUG isused during earned value collection, which makes earned value calculation more foundational andeasier. Finally correction action plan is made to optimize the project performance by listing the rootcause of variants. Cost and schedule estimate at completion is also calculated accordingly at this checkpoint.