Establishing Control Limits on Time Performance Indicators of Projects through Monte Carlo Simulation and Earned Duration Management
Authors
Abstract:
Earned Duration Management (EDM) method has been developed to enhance Earned Value Management and to solve some of its problems, such as separation of measuring time and cost dimensions. By providing performance indicators, this method makes it possible for managers to accurately measure the progress of a project and to calculate the time and cost required to complete it. Nevertheless, the accepted rate of progress indexes of a project is not specified in this method, which brings about ambiguity. Intending to improve earned duration management performance, statistical quality control charts were used, which had previously been applied in Earned Value Management to determine the acceptable cut-off points of indexes of project management. Using Monte Carlo simulation, these charts were calculated at the time of project planning, but not during project implementation. Such calculations give project managers prospective view; in addition, they provide a basis for evaluating and comparing the performance of projects during their progress.
similar resources
the effects of time planning and task complexity on accuracy of narrative task performance
هدف اصلی این تحقیق بررسی تاثیر برنامه ریزی زمانی، هم چنین افزایش میزان پیچیدگی تکالیف در نظر گرفته شده بصورت همزمان، بر دقت و صحت و پیچیدگی عملکرد نوشتاری زبان آموزان می باشد. بدین منظور، 50 نفر از دانش آموزان دختر در رده ی سنی 16 الی 18 سال به عنوان شرکت کنندگان در این زمینه ی تحقیق در نظر گرفته شدند و به دو گروه آزمایشی و کنترل بصورت اتفاقی تقسیم شدند. اعضای گروه آزمایشی هر دو تکلیف ساده و پی...
Insight through Monte Carlo Simulation
strategies, quarantine policy, and the use of public health resources. This is true whether the pathogen’s dispersion is natural (for example, the spread of influenza in 1918) or deliberate (for example, the spread of anthrax via terrorism). Effective mathematical models can help us test a public health policy’s potential outcome and initiate an effective response. In this problem, we focus on ...
full textInsight through Monte Carlo Simulation
true whether the pathogen’s dispersion is natural (for example, the spread of influenza in 1918) or deliberate (for example, the spread of anthrax via terrorism). Effective mathematical models can help us test a public health policy’s potential outcome and initiate an effective response. In this problem, we focus on a simplified model of the spread of an infection and develop some tools that le...
full textKey performance indicators for successful simulation projects
There are many factors that may contribute to the successful delivery of a simulation project. To provide a structured approach to assessing the impact various factors have on project success, we propose a top-down framework whereby 15 Key Performance Indicators (KPI) are developed that represent the level of successfulness of simulation projects from various perspectives. They are linked to a ...
full textAn ex ante control chart for project monitoring using earned duration management observations
In the past few years, there has been an increasing interest in developing project control systems. The primary purpose of such systems is to indicate whether the actual performance is consistent with the baseline and to produce a signal in the case of non-compliance. Recently, researchers have shown an increased interest in monitoring project’s performance indicators, by plotting them on the S...
full textProject Time and Cost Forecasting using Monte Carlo simulation and Artificial Neural Networks
The aim of this study is to present a new method to predict project time and cost under uncertainty. Assuming that what happens in projects implementation which is expressed in the form of Earned Value Management (EVM) indicators is primarily related to the nature of randomness or unreliability, in this study, by using Monte Carlo simulation, and assuming a specific distribution for the time an...
full textMy Resources
Journal title
volume 32 issue 1
pages 3- 25
publication date 2019-06
By following a journal you will be notified via email when a new issue of this journal is published.
No Keywords
Hosted on Doprax cloud platform doprax.com
copyright © 2015-2023