Project Performance Evaluation by Earned Value Analysis

Project Performance Evaluation by Earned Value Analysis Project Performance Evaluation by Earned Value Analysis – A Case Study Abstract- Earned Value management (EVM) is a well-known project management tool that uses information on cost, schedule and work performance to track the current status of the project. It uses information on cost, schedule and work performance to establish the current status of the project. The calculation of earned value is a very effective tool in measuring the progress of contractors in external projects. Computation of earned value can be part of an audit activity, or it can be integrated into the progress monitoring system. The concept of earned value is generally used in the context of fixed price contracts where the objective is to calculate the amount of payment that is due to the contractor. Keywords- Project Performance Evaluation, Earned Value, Cost Control, Forecasting INTRODUCTION Earned value analysis is a project control technique which provides cost and schedule performance measurements of the project. It is a frequently used method of performance measurement for projects. It integrates the project scope baseline and the cost baseline, along with the schedule baseline, to form the performance baseline, which helps the project management team assess and measure project performance and progress. EVM provides project managers and the organization with triggers or early warning signals that allow them to take timely actions in response to indicators of poor performance and enhance the opportunities for project success. Better planning and resource allocation associated with the early periods of a project might be the cause of this reliability. EVM IN CONSTRUCTION PROJECTS EVM can be used for progress payments to contractors based on the earned value (EV) of contracted or outsourced work. Since such contractual arrangements create legal and financial obligations, it is important to consider the method specified for evaluating progress. These methods and tools for the determination of progress should be carefully considered and negotiated to achieve a fair and equitable environment that encourages successful accomplishment of contracted or outsourced project items. Once a project has advanced to a stage of performance, the consistent and constant flow of information on the true status of the project is essential. EVM is a methodology that associates project scope, schedule, and resource measurements to analyse project performance and progress. The fundamental principle of EVM is that the patterns and trends of performance, when compared against a soundly developed baseline, can be excellent predictors of the future project performance. Feedback is critical to the success of any project. Getting the relevant feedback in time enables project managers to identify problems early and make adjustments that keeps a project on time and on budget. EVM is considered by many to be one of the most effective performance measurement and feedback tools for managing construction projects. In EVM system, the three parameters that influence the project performance control are: Planned Value (PV) Planned value (PV) is the sanctioned budget assigned to a scheduled work. It may also be known as the Budgeted Cost for Work Scheduled (BCWS). This budget is allocated by phases over the life of the project, but at a given moment, planned value outlines the physical work that should have been accomplished. The overall PV is sometimes referred to as the performance measurement baseline (PMB). The total planned value for the project is also known as budget at completion (BAC) [1]. Earned Value (EV) Earned value (EV) is the measure of work performed at a specific point in time, expressed in terms of the authorized budget for that work. The EV being measured needs to be related to the PMB, and it cannot be greater than the authorized PV budget for a component. The EV is often used to calculate the percentage completion of a project. Progress evaluation criteria should be established for each work breakdown structure (WBS) component to measure work in progress. The earned value methodology used to plan the baseline should be used consistently to determine the earned value. Project managers monitor EV, both incrementally to determine current status and cumulatively to determine the long-term performance trends [2], [1]. Actual Cost (AC) Actual cost (AC) is the realized cost incurred for the work performed during a specific time period. It is the total cost incurred in achieving the work that the EV measured. In order for EVM analysis to be reliable, AC must be recorded in the same time period as EV and for the same activity or work breakdown structure component as EV. Fig. 1 shows the actual cost at time now, and indicates that the organization has spent more than it planned to spend in order to achieve the work performed to date. Fig. 1 Earned Value curve for a project over budget and behind schedule LITERATURE REVIEW Previous researches done on the EVM indicate that it is definitely one of the better practice to monitor a project. Therefore in this project we will be considering Earned Value Analysis for research purpose. Pramod M et al. (2014), recognise that the absence of an effective system for monitoring and controlling project cost is the main reason for cost escalation and delays in the project. Their study considers Earned Value analysis and Earned Schedule concept as the two monitoring systems which can be used to monitor a construction project. The study was done on a residential apartment in Bangalore. They concluded their research by saying, Earned Value Analysis is a great monitoring system for project cost control when the required information are cost oriented [3]. Jose Angelo Valle and Carlos Alberto Pereira Soares (2012), did a critical review of the application of EVA for the Amusement Park named Monica Park in Brazil, which was is documented with reports, graphs, analyses and comments. EVA had a relevant role in the integrated management of the project scope, time, progress, cost and risks and the procurement. Because of the implementation of EVA, the project finished on time and on budget. The findings of the case study are analysed and concluded with 10 recommended steps for future implementation of the EVA process [4]. Antony Prasanth M A and K Thirumalai Raja (2014), selected Integrated housing and slum development program (IHSDP) located in Mattampuram, Thrissur, Kerala, for case study. Budgeted cost of work performed was compared against actual cost of work performed and budgeted cost of work scheduled to assess cost and schedule variances, respectively. Based on the collected data, schedule of the project and cost for individual activities had prepared. It gave an idea of cost and time required for individual activities and for the entire construction. S-Curve was drawn showing the relationship between duration and cost of the project. From the calculation of various project performance indicators, they arrived at conclusion that the project has an unfavourable schedule variance of 9.5 which meant the project was behind schedule. A SPI of .62 and a CPI of 0.82 was obtained. EAC of 411.20 lakhs was obtained which is 74.02 lakhs more than the BAC at 337.18 lakhs [5]. EVM PERFORMANCE ANALYSIS AND FORECASTING PARAMETER Calculating Project Performance EVA analyses project performance by calculating performance variances and performance indices. Common variances include: Schedule Variance (SV):Schedule variance (SV) is the amount by which the project is ahead or behind the planned delivery date, at a given point in time. It is a measure of schedule performance on a project. It is equal to the earned value (EV) minus the planned value (PV). The EVM schedule variance is a useful metric which can indicate when a project is falling behind or is ahead of its baseline schedule. The EVM schedule variance will ultimately equal zero when the project is completed because all of the planned values will have been earned. Cost variance (CV):Cost variance (CV) is the amount of budget deficit or surplus at a given point in time. It is a measure of cost performance on a project. It is equal to the earned value (EV) minus the actual cost (AC). The cost variance at the end of the project will be the difference between the budget at completion (BAC) and the actual amount spent. Schedule performance index (SPI):The schedule performance index (SPI) is a measure of schedule efficiency expressed as the ratio of earned value to planned value. SPI indicates the rate at which the project is progressing. It is sometimes used in conjunction with the cost performance index (CPI) to forecast the final project completion estimates. An SPI value less than 1.0 indicates less work was completed than was planned. An SPI greater than 1.0 indicates that more work was completed than was planned. Cost performance index (CPI):The cost performance index (CPI) is a measure of the cost efficiency of budgeted resources, expressed as a ratio of earned value to actual cost. It is considered the most critical EVM metric and measures the cost efficiency for the work completed. A CPI value of less than 1.0 indicates a cost overrun for work completed and greater than 1.0 indicates a cost underrun of performance to date. Performance Forecasting As the project progresses, forecasts can be developed for cost and schedule performance. Common forecasting data includes: Estimate to Complete (ETC):The estimate to complete (ETC) is the expected cost needed to complete all of the remaining work for a control account, work package, or the project. The most accurate method is to develop a new, detailed, bottom-up estimate based on an analysis of the remaining work. Estimate at Completion (EAC):Estimate at completion (EAC), is the expected total cost of a control account, work package, or the project when the defined scope of work will be completed. The EAC is typically based on the actual cost incurred for work completed (AC), plus an estimate to complete (ETC) for the remaining work. Variance at Completion (VAC):The cost variance at completion (VAC), derived by subtracting the EAC from the BAC, forecasts the amount of budget deficit or surplus at the end of the project. The VAC shows the team whether the project is forecasted to finish under or over budget. This can be expressed as a percentage by dividing VAC by BAC. To complete performance index (TCPI):The TCPI is a comparative measure. It compares work completed to date with budget required to complete the remaining work. The TCPI data can be used as the basis for a discussion which explores whether the performance required is realistically achievable. It is the ratio of remaining work to the remaining budget. TABLE I EVM AS IT RELATES TO PROJECT MANAGEMENT SITUATIONS Project Management Questions EVM Performance Measures Formula Schedule Analysis Forecasting: To know the status of project Time-Wise. Are we ahead or behind schedule? Schedule Variance (SV) SV = EV/PV How efficiency are we using time? Schedule Performance Index (SPI) SPI = EV/PV Cost Analysis Forecasting: To know the status of project Cost-Wise. Are we under or over our budget? Cost Variance (CV) CV = EV-AC How efficiently are we using our resources? Cost Performance Index (CPI) CPI = EV/AC How efficiently must we use our remaining resources? To-Complete Performance Index (TCPI) TCPI = (BAC – EV)/(BAC – AC ) What is the project likely to cost? Estimate at Completion (EAC) EAC = BAC/CPI Will we be under or over budget? Variance at Completion (VAC) VAC = BAC-EAC What will the remaining work cost? Estimate to Complete (EAC) ETC = (BAC-EV)/CPI CONCLUSIONS The study of various research works and case studies give an idea that Earned Value Analysis is a great monitoring system for project cost control. Therefore, in this paper I will be making an attempt to apply and analyse the use of EVM on a live project based on the findings and guidelines of the references. REFERENCES [1] PMI, A Guide to the Project Management Body of Knowledge (PMBOK), 4th Edition, Project Management Institute, USA, 2008. [2] PMI, Practice Standard for Earned Value Management, 2nd Edition, Project Management Institute, USA, 2005. [3] Pramod M, K. Phaniraj and V. Srinivasan, â€Å"Monitoring System for Project Cost Control in Construction Industry†, in International Journal of Engineering Research Technology (IJERT), Vol. 3, Issue 7, pp. 1487-1491, July 2014. [4] Jose Angelo Valle and Carlos Alberto Pereira Soares, â€Å"The Use of Earned Value Analysis (EVA) in the Cost Management of Construction Projects†, International Journal of Engineering and Innovative Technology, pp1-11, Mar 2011. [5] Antony Prasanth M A and K Thirumalai Raja, â€Å"Project Performance Evaluation by Earned Value Method†, International Conference on Engineering Technology and Science, Volume 3, Special Issue 1, Feb. 2014.

To Miss C.O. Y R.

To Miss C. O. y R. by Jose Rizal (A Translation from the Spanish by Nick Joaquin) Why ask for those unintellectual verses that once, insane with grief, I sang aghast? Or are you maybe throwing in my face my rank ingratitude, my bitter past? Why resurrect unhappy memories now when the heart awaits from love a sign, or call the night when day begins to smile, not knowing if another day will shine? You wish to learn the cause of this dejection delirium of despair that anguish wove?You wish to know the wherefore of such sorrows, and why, a young soul, I sing not of love? Oh, may you never know why! For the reason brings melancholy but may set you laughing. Down with my corpse into the grave shall go another corpse that's buried in my stuffing! Something impossible, ambition, madness, dreams of the soul, a passion and its throes Oh, drink the nectar that life has to offer and let the bitter dregs in peace repose! Again I feel the impenetrable shadows hrouding the soul with the thick veils of night: a mere bud only, not a lovely flower, because it's destitute of air and light Behold them: my poor verses, my damned brood and sorrow suckled each and every brat! Oh, they know well to what they owe their being, and maybe they themselves will tell you what. Translated from the Spanish by Nick JoaquinSource http://joserizal. info/Writings/Poetry/poetry. lwp. htm#To%20Josephina%20%28To%20Miss%20C. O. %20y%20R. %29

Historical Perspective of Ethics of Care

There is vague and indescribable meaning is attached with the word care, which is interchangeably used for caring, compassion, humanitarianism, altruism, beneficence, or philanthropy. â€Å"For where there is love of man (philanthropia)’, reads a famous passage in the pseudo-Hippocratic treatise Precepts (Precepts, 6),†there is also love of the art (philotechnia)[1]. The term â€Å"philanthropia’, means literally ‘Love of Mankind, original meaning of the word was the benevolence of the god for man, this is the term used for Care. Sir William Osler saw in this maxim evidence of Greek physician’s ‘love of humanity associated with the love of his craft-philanthropia and philotechnia-the joy of working joined in each one to a true love of his brother. ’[2] Plato, in the Republic (Republic, 340, C-347 A) raised a question on self- interest is the motive behind all human efforts, especially political activity. Galen, in a work entitled on the Doctrines of Hippocrates and Plato, discusses this specific passage from the Republic, after summarizing it he mentions â€Å"Some pursue the medical art for the sake of money, others for the exemptions granted by law, certain ones on account of Philanthropia, just as others for the glory or honor attached to the art. Hellenistic and roman thoughts on philosophic and popular ethics were also influenced by the humanitarian and cosmopolitan ideas. After the for the century before Christ the word philanthropic came to used the expression of comprehensive love of mankind and a common feeling of humanity. This may be the result of Alexander’s conquest of the East or for lessening importance of individualism of the fourth century. Edelstein quotes that the morality of outward performance characteristics of the classical era was now supplemented by the inner intention. The word Philoanthropia is frequently used by Christen writers but not mentioned that often in new Testament, the word used is agape meaning ‘God is love’. There is gap between these two words as the dynamic of Ethics. Christen Philanthropy means practice of love, mercy and justice are vital element in the worship of God (Micah 6:6-8). Henry Sigerist has viewed about Christianity, he writes’ the most revolutionary and decisive change in the attitude of society towards sick. Christianity came into the world as the religion of healing, as the joyful Gospel of redeemer and of Redemption. It addressed itself to the disinherited, to the sick and afflicted, and promised them healing, a restoration both spiritual and physical. It became the duty of Christian to attend the sick and the poor of the community’. Here the word â€Å"Care’ has got its meaning. Rannan Gillion's statement ‘Mature medical morality has since Hippocratic times incorporated at its centre a moral concern for nurturing and care for its sick patients; meeting the needs of sick patients has been the moral driving force of medical ethics since its inception. Lord Walton describes how Christianity decisively influences the Hippocratic tradition. Doctor-Patient relationship was taught all by Hippocrates, Socrates, Palto and Aristotle. The fundamental to this concept of Doctor- Patient relationship was the concept of philia, used both for the art of medicine and patient. Based on the same idea, this was further developed by the Greek doctor, the relationship developed for the patients that was first influenced first by the love of mankind and second by love of his art of medicine. Despite the belief, there was differential treatment for people based on their status, care to the patient was abstract, not the individual patient, Greeks only seemed to consider discussions on life style and cause of disease to benefit the rich, this was not appropriate for poor and slaves. This was thought that it was unethical to treat deadly disease, for this challenge nature and the doctor would risk paying the penalty. Thus in the Hippocratic tradition the doctor did not treat the incurably sick or terminally ill and he made the judgment in that no doctor would treat anyone leading an immoral life. But in Christianity love for man in nature was transformed into love for thy neighbor and doctor was to treat all patients irrespective of class, stratus, and ability to pay. The work of doctors also involved the care for all sick and consolation of the terminally ill. So Care was a prerequisite for both the development of nursing and medicine, which embraces the quit essential purpose of care. Murdoch perceives to be the warmth and coldness in the morality; it is there are Buber's I and Thou, which has rejected by Noddings. The detached rationality of duty and responsibility is held together with the warmth of love and compassion by virtue of their meeting in God. Buber argued giant Carl Rogers, in a professional relationship, in which one partner has needs which other does not, in which one person comes for help to others, the genuineness of relationship depends upon the maturity which is greater than both partners. The relationship with care taker and giver can be temporary and unequal, necessary detachment is its strength . security and protection for the vulnerable. Objectivity and necessary detachment need to be combined and balanced with the subjectivity and warmth of fellow feeling as true compassion. Here is the meaning of agape, the Judeo-Christian concept of altruistic love, stemming from the all-embracing Thou, the root of Buber's understanding for the me and the you in human relationship. Kant also does not escape the grounding of Judaeo-Christian tradition. His view of morality is influenced by it. Kant although chooses to try and escape the theological imperative and ground his categorical imperative in human rationality alone, as a result of this his moral position could not be grounded. We need to question both extentialist, Noddings and rationalist Kant about † why', why should we care? Nietzsche asked the same to Kant's approach. If our moral outlook is independent of external and objective norms-or perhaps s Gilligan suggests, we become more mature and less abolitionist in our moral understanding – then the effect it is up to us to make our own morality, in that case one is better than other, this is the matter of personal preference. Nietzsche emphasized on personal empowerment, by getting rid of all the constraints of traditional morality that held them back from actualizing their true potentials. . As per them, God is Myth, so the idea of morali ty influenced by the outdated notion should be thrown off. The restriction imposed by the Judaeo-Christian should also be thrown off and one new to take his/her life the way one wants. Nietzsche calls for re-definition of the values and concept of care. As per their view ‘ The sick man is a parasite of society. In a certain stage it is indecent to live longer. To go on vegetating in cowardly dependence on physician and machinations, after the meaning of life, the right to life, has been lost, that ought to prompt a profound contempt of society. It may be more ‘caring' not to ‘care'. The view of re-shaping of the values of society and attitudes of the members of society is further elaborated by the modernist and post modernist philosophy from Heidegger to Foucault. Ethics of Care in Islam In Islam the ethics of care is discussed . Professor Serour, discussing the Islamic perspective, recalls that the first known documents dealing with medical ethics are Egyptian papyri (16th century BC) in which, as long the doctor followed the rules, they were held to be non- culpable, should the patient die. If the doctor transgressed the rules and the patient dies, the doctor paid with his life. Hammurabi set fees according to the social status of the patient. Codes were laid down for physicians and surgeons. Serour cautions those who presume to judge acts of others from a different culture. Ethics is based on moral, philosophic and religious principles of the society in which they are practised. Ethics may differ from one culture to another. He also counsels those with a strong religious background to differentiate between medical ethics and humanitarian considerations on the one hand and religious teachings and national laws on the other. What is legal might not be ethical. The law rarely establishes positive duties such as beneficence and can be, and is, used not only to deny justice but also to deny respect to persons and to do harm. Serour emphasises that ethical norms are guidelines. The context must govern judgement. He adds a fifth principle: The human being should not be subject to commercial exploitation. Islam is governed by the Sharia which, in turn is based, in chronological order, on the Holy Quran (the word of God), the Sunna and Hadith (sayings of the Prophet Mahomet developed by jurists), the unanimous opinion of Islamic scholars or Aimma (Igmaah) and finally, by analogy (Kias). If an instruction on a certain issue is provided in the Quran, it is the one to be followed. Islam permits flexibility, adaptation to the necessities of life and shifts in ethical stands based on the current culture. Dr. K. Zaki Hasan describes Unani medicine as a synthesis of the ancient Greek, Indian and Persian systems. Its practitioners, along with the teacher and cleric shared a common role and culture with a primary social, not monetary, objective. Indian philosophers on Ethics of care: Indian philosophers consider the ethical implications of the Indian classical theories of Karma(Action and Habit) These theories usually proposes rebirth – that is , reincarnation in a human or animal form, in this world rather world, Since, on the presumption of karma, the nature of one's deeds determines one's future state, the universe includes laws of moral payback. Indian classical philosophers weave numerous variations on such views into the overall stances, including Budhdhist,Vedantic, Logis and Carvaka views Ancient Indian thoughts, philosophy developed with rational synthesis , spirituality was the foundation of Indian culture. The fundamental basis of ethics arises from the Hindu belief that we all are art of the divine ‘Parmatman’. According to Vedas(4000 BC to 1000 BC), the call to love your neighbor as yourself is â€Å"because they neighbor is in in truth they very self and what seperates you from him is mere illusion(maya). Closely allied to Hinduism are Budhdhism and Jainsim. These religion proclaim â€Å"Ahimsa† as ‘Saarvatha sarvada sarvabutananz anabhidroha,’ a complete absence of ill-will to all beings. The ultimate aim is for our Atman to coalesce with Parmatman or Brahman to become one. According to the Vedas (4000 RC to 1000 BC), the call to love your neighbour as yourself is ‘because thy neighbour is in truth thy very self and what separates you from him is mere illusion (maya). ’ Closely allied to Hinduism are Jainism and Buddhism. These religions proclaim Ahimsa Paramo Dharma. Most important of all our actions is alzinzsn, non- violence. Patanjali defined ahimsa as Sarvatha sarvada sarvabutananz anabhidroha(1) , a complete absence of ill- will to all beings. Ayurveda is the ancient science of life. It lays down the principles of management in health and disease and the code of conduct for the physician. Charaka has described the objective of medicine as two fold; preservation of good health and combating disease. (2) Ayurveda emphasised the need for healthy life- style; cleanliness and purity, good diet, proper behaviour, and mental and physical discipline. Purity and cleanliness were to be observed in everything: jalasuddi (pure water), aharasuddi (clean food), dehasuddi (clean body), manasuddi (pure mind) and desasuddi (clean environment). Ayurveda calls upon the physician to treat the patient as a whole: ‘Dividho jayate vyadih, Sariro manasasthatha, Parasparanz tavorjanma, Nirdvadvam nopalahhyate. (Diseases occur both physically and mentally and even though each part might be dominant, they cannot be compartmentalised). Ayurveda treats man as a whole body, mind and what is beyond mind. The earliest protagonists of Indian Medicine, such as Atreya, Kashyapa, Bhela, Charaka and Susruta have based their writings on the foundations of spiritual philosophy and ethics. But the one teacher of Ayurveda who established the science on the foundation of spirituality and ethics was Vagbhata, the author of Astanga Hridaya(3) . Vagbhata says:Sukarthah sarvabutanam, Matah sarvah pravarthayah, Sukham ca na vina dharmat, thasmad dharmaparo bhavet_( All activities of man are directed to the end of attaining happiness, whereas happiness is never achieved without righteousness. It is the bounden duty of man to be righteous in his action). Charaka Samhita prescribes an elaborate code of conduct. The medical profession has to be motivated by compassion for living beings (bhuta- daya)â€Å". Charaka’s humanistic ideal becomes evident in his advice to the physicians’. He who practices not for money nor for caprice but out of compassion for living beings (bhuta- daya), is the best among all physicians. Hard is it to find a conferor of religious blessings comparable to the physician who snaps the snares of death for his patients. The physician who regards compassion for living beings as the highest religion fulfils his mission (sidhartah) and obtains the highest happiness.

Learning At Soonest Age, By The Age Of Eight Weeks

By the age of eight weeks, toddlers can distinguish between the different sexes coordinating with them. This various quality, in itself, gives adolescents a broader, healthier experience of separating socially coordinated efforts — particularly for kids brought up by emerging sexual introduction. Whether they comprehend it or not, adolescents are learning at soonest age, by total feeling that all sexes are unmistakable and have hybrid systems for overseeing life, other adults, and child. Fathers tend to play with, and moms tend to look after, youngsters. Fathers energize rivalry; moms support value. One style stimulates autonomy while alternate supports security. Both give safety and trust in their strict manners by conveying affection†¦show more content†¦Moms have a tendency to be more illustrating, individual and make use of the power of the tongue. Dads tend to view their child in association with the struggling leftovers of the world. Mums tend to see whatever is left of the world in their youth. Fathers provide an introspection of the World of Men; mothers - of the World of Women. Young women and young fellows that were molded by their dads are more typical and secure with the mysterious universe of men. Young ladies with married dads will most likely have a more cooperative relationship with young fellows and men in adulthood because they pick up from their fathers how wicked men act toward women. They also teach from the mother how to live in a woman s skin. This data amasses emotional security and well-being from the abuse of simple folks. Moms offer young fellows some assistance with comprehending the female world and add to passion towards women. They furthermore cause young fellows know how to behave and communicate with women (Brezis et al., 2015). It is common knowledge that a father in a marriage relationship is fundamentally less slanted to misuse his family members than men in whatever another grouping. This infers young fellows and young ladies with married dads learn, by discernment, how men should treat ladies (Ernst, Piazza-Waggoner, Ciesielski, 2015). In conclusion, parents assume a crucial part in the lives of their kids. This