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Cost And Value Management In Projects

Author: Ray R. Venkataraman
Publisher: John Wiley & Sons
ISBN: 1118174186
Size: 62.19 MB
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Cost and Value Management in Projects provides practicing managers with a thorough understanding of the various dimensions of cost and value in projects, along with the factors that impact them, and the managerial approaches that would be most effective for achieving cost efficiency and value optimization. This book addresses cost from a strategic perspective, offering thorough coverage of the various elements of value management such as value planning, value engineering and value analysis from the perspective of projects.

Cost And Value Management In Projects Kataraman Pinto 2008

Author: John Wiley & Sons, Inc
Publisher: Bukupedia
ISBN:
Size: 47.88 MB
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There are some essential prerequisites to the process of integrating project cost and value. First, it requires a team approach, with representation from all project stakeholders, including the client, project team, designers, The Project Cost and Value Integration Process 275 people responsible for implementing the project facility, and all potential users. In essence, the team should be composed of all stakeholders who are knowledgeable about the project and have decision-making authority. It would helpful at this stage to bring the team together for ‘‘creative’’ workshops to generate ideas for integration. Second, the team should be willing to think ‘‘out of the box,’’ utilize imagination, and forego the penchant to exercise pet solutions. Third, the team should focus on overall project objectives, targeting only those areas that are likely to yield maximum benefits. Finally, the team should be led by an experienced, cost-oriented project management facilitator. The objective of project cost and value integration is to obtain, for each activity selected for analysis, the optimum value for every dollar spent. The process involves a sequence of five steps.16 1. Generate information—The objective of this step is to come up with an information base, or ‘‘cost model,’’ and to select areas or activities in the project for detailed study. For each project activity, information should be generated by asking the following questions: • What is the exact nature of this activity? • What is the activity intended to accomplish? • What is the cost of performing this activity? • What is the potential value generated by this activity? (i.e., is this activity necessary?) • Is there another alternative than to do the same job, and at what cost? Some of the techniques that can be useful in answering these questions are functional analysis and cost–benefit analysis. 2. Generate alternatives—The objective of this step is to generate creative alternative solutions. For each project activity, think about alternative ways of meeting the same requirements or performing the same functions. Brainstorming sessions by the project cost and value integration team can generate many new ideas. 3. Perform analysis—The objective of this step is to evaluate each of the alternatives generated in the previous step, culminating in the selection of the one that presents the best combination of cost savings and required value. The appropriate questions to ask at this stage are • What is the cost of each alternative? 276 INTEGRATING COST AND VALUE IN PROJECTS • Which of the alternatives will meet essential functionality requirements? • Which will meet essential functions and still offer the greatest cost savings? One of the most useful techniques that can be employed at this stage is the life-cycle costing approach discussed earlier in this chapter. 4. Generate a proposal—The objective of this phase is to present the best sets of alternatives for achieving cost and value integration to appropriate decision makers. An important caveat in this step is to create a proposal that is most convincing, and to present it in the most effective way possible. A combination of techniques, such as narrative reports, schematic displays, graphic illustrations, and video clips of similar installations can be used to accomplish this. 5. Issue a final report—Finally, at the last stage it is important to define and, if possible, quantify the results in terms of which recommendations were actually approved and implemented. Techniques such as standardized comparative reporting can be useful in generating the final report. In the final analysis, integrating cost and value in a project cannot be viewed as a short-term, quick-fix solution. It is an ongoing improvement process that requires the total commitment of all project stakeholders, and, in particular, the commitment of the project organization’s top management. To accrue long-term benefits, the process should be started very early in the project and should continue throughout its life cycle. In other words, as we have attempted to show, cost and value management do not begin with the commencement of the actual project planning and execution. Rather, the seeds for successful cost and value management are sown much earlier in the project’s life, during procurement and supply chain development, and they run well past the point of project completion. In fact, cost and value management involve a number of critical delivery activities as the project is transferred to its intended users. Thus, in understanding project cost and value management, it is first important to adjust our thinking toward Morris’s ‘‘management of projects’’ paradigm. References 277 Likewise, it is critically important to understand that successfully managing for value requires us to embrace a systems thinking perspective. Certainly, we can find ways to occasionally ‘‘save money’’ on our projects, or find features that add value as we move through a development cycle. However, the theme of this book is to avoid a disconnected, fragmented mindset that treats cost and value management as issues to be addressed when it’s convenient to do so. The key is to understand that a model for cost and value management in projects involves a systematic, life-cycle philosophy based on their integration and used as an ongoing feature. This book has been our attempt to offer just such a framework for systematically integrating these two critical elements in successful projects: cost management and creation of value. An unyielding commitment to this process is vital for developing the kinds of projects that will provide our firms with a decided competitive advantage. REFERENCES 1. Porter,M. (1985) Competitive Advantage: Creating and Sustaining Superior Performance. New York: Free Press. 2. Recklies, D. (n.d.) The value chain. www.themanager.org/models/ ValueChain.htm 3. Pinto, J. K., Rouhiainen, P., Trailer, J. W. (1998) Customer-based project success: exploring a key to gaining competitive advantage in project organizations. Project Management, 4 (1), 6–12. 4. Pinto, J. K., and Rouhiainen, P. J. (2001) Building Customer-based Project Organizations. New York: Wiley. 5. Keenan, M., and Martin, S. (1997) But we already do it, and other misunderstandings. http://www.value-engineering.com/doitpapr.htm 6. (n.d.) Kano model analysis. www.ucalgary.ca 7. Sireli, Y., Kauffmann, P., and Ozan, E. (2007) Integration of Kano’smodel into QFD for multiple product design. IEEE Transactions on Engineering Management, 54 (2), 380–390. 8. (n.d.) Kano model analysis. Ibid. 9. Pinto, J. K. and Rouhiainen, P. (2001) Ibid. 10. (n.d.) http://www.iprod.auc.dk/misg/papers/creese.pdf 11. Cost management in lean manufacturing enterprises and the effects upon small and medium enterprises. (http://www.iprod.auc.dk/misg/ papers/creese.pdf); Cooper, R., and Slagmulder, R. (1997) Target Costing and Value Engineering. Portland, OR: Productivity Press, p. 379. 278 INTEGRATING COST AND VALUE IN PROJECTS 12. Morris, P.W.G. (1994) The Management of Projects, London: Thomas Telford. 13. (n.d.) Life-cycle costing. http://dept.lamar.edu/industrial/Underdown/ eng mana/Life Cycle Costing ch10.htm 14. (n.d.) Life-cycle costing. Ibid. 15. Dallas, M. F. (2006) Value and Risk Management: A Guide to Best Practice. Oxford, UK: Blackwell. 16. Wideman, M. (n.d.) Project value management. http://www.maxwide man.com/issacsons3/iac1338/sld001.htm)

Earned Value Management Using Microsoft Office Project

Author: Sham Dayal
Publisher: J. Ross Publishing
ISBN: 1932159983
Size: 24.37 MB
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Schedule and cost management are the most essential parts of project lifecycle management and many projects fail as a result of not managing these critical components effectively. The most commonly used tool for project schedule management is Microsoft Office Project, which is designed to assist project managers in developing schedules, assigning resources to tasks, tracking progress, managing budgets and analyzing workloads. The most common technique used for cost management is earned value management (EVM), a project management technique used for measuring project progress in an objective manner that combines measurements of project scope, schedule and cost performance within a single integrated methodology. EVM is becoming the standard across the world for this purpose in both the private and public sector and many organizations are now adopting this technique to manage their projects. In the public sector, EVM is mandated for all government projects in the United States and many other countries are following suit. Earned Value Management Using Microsoft® Office Project is the first reference to effectively combine the most widely used scheduling tool with the most widely accepted cost management technique. It is a practical guide to end-to-end scheduling and cost management using Microsoft Office Project that includes a CD-ROM of a limited version of a unique EVM software tool that will help practitioners more effectively manage their projects, track and report the status and progress of projects, and take necessary action before their projects fail beyond repair. This text is an excellent complement to whatever Microsoft Office Project guide that you may be using and a significant addition to the literature on how to use EVM.

Earned Value Management Integrated View Of Cost And Schedule Performance

Author: Piyush Solanki
Publisher: Global India Publications
ISBN: 9789380228525
Size: 79.78 MB
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This book is organized with a brief overview of EVM, highlighting the key management questions EVM can help answer and exploring where EVM fits into the projet management universe. It also emphasizes EVM Performance Analysis and contains the basic elements of Earned Value Management. This book also outlines basic EVM practices in their project management context and shows how EVM practices facilitate project planning and control for better management of project cost and schedule performance.

Cost And Value Management

Author: Jeffrey K. Pinto
Publisher:
ISBN:
Size: 30.44 MB
Format: PDF, Kindle
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Cost and Value Management in Projects provides practicing managers with a thorough understanding of the various dimensions of cost and value in projects, along with the factors that impact them, and the managerial approaches that would be most effective for achieving cost efficiency and value optimization. This book addresses cost from a strategic perspective, offering thorough coverage of the various elements of value management such as value planning, value engineering and value analysis from the perspective of projects.

Earned Value Project Management

Author: Quentin W. Fleming
Publisher: Project Management Inst
ISBN:
Size: 33.16 MB
Format: PDF
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Earned value is a project management technique that is emerging as a valuable tool in the management of all projects, including and, in particular, software projects. In its most simple form, earned value equates to fundamental project management. This is not a new book, but rather it is an updated book. Authors Quentin Fleming and Joel Koppelman have made some important additions. In many cases, there will be no changes to a given section. But in other sections, the authors have made substantial revisions to what they had described in the first edition. Fleming and Koppelman's goal remains the same with this update; describe earned value project management in its most fundamental form, for application to all projects, of any size or complexity. Writing in an easy-to-read, friendly, and humorous style characteristic of the best teachers, Fleming and Koppelman have identified the minimum requirements that they feel are necessary to use earned value as a simple tool for project managers. They have also witnessed the use of simple earned value on software projects, and find it particularly exciting. Realistically, a Cost Performance Index (CPI) is the same whether the project is a multibillion-dollar high-technology project, or a simple one hundred thousand-dollar software project. A CPI is a CPI ... period. It is a solid metric that reflects the health of the project. In every chapter, Fleming and Koppelman stick with using simple stories to define their central concept. Their project examples range from peeling potatoes to building a house. Examples are in rounc numbers, and most formulas get no more complicated than one number divided by another. Earned Value ProjectManagement--second edition may be the best-written, most easily understood project management book on the market today. Project managers will welcome this fresh translation of jargon into ordinary English. The authors have mastered a unique early-warning signal of impending cost problems in time for the project manager to react.

Value Management Of Construction Projects

Author: John Kelly
Publisher: John Wiley & Sons
ISBN: 1118351231
Size: 79.67 MB
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Value management evaluates alternative construction materials and systems with a view to saving money without impacting on building performance or the construction programme. It has become a well established tool in the construction industry, having been endorsed in a range of government sponsored reports. In the current economic climate, clients are increasingly looking to employ value management as a way of ensuring they generate maximum value from their investments.+ Since publication of the first edition in 2004, value management has developed significantly. The second edition retains the structure of the first edition, covering methods and practices, frameworks of value and the future of value management, but has been thoroughly updated with new material and several new chapters to ensure it reflects current theory and practice. In particular, the new edition responds to: Recent publications, most notably the imminent update of British Standard BS EN 12973:2000 Value Management; the change to "Value for Europe" governing training and certification in EU countries; and the recent publication of the UK government OGC, Management of Value (MoV) initiative Research in value management undertaken since publication of the first edition Changes in value management practice particularly in programmes and projects. Developments in the theory of value, principally value for money measures, whole life value option appraisal, and benefits realisation New asset management initiatives covering the management of physical infrastructure, for example BSi PAS55 2008 “Asset management: Specification for the optimized management of physical assets” Appendices again include a tool box and additional generic case studies to illustrate value practice.

A Comprehensive Guide To Project Management Schedule And Cost Control

Author: Randal Wilson
Publisher: Pearson Education
ISBN: 0133572943
Size: 62.81 MB
Format: PDF, ePub
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Master all the modern project scheduling and cost control techniques you need, in one focused tutorial! Randal Wilson's Project Schedule & Cost Control isn't your typical project management guide: it's 100% focused on the specific principles, techniques, and best-practice methodologies of scheduling and cost control. Wilson illuminates key issues through the extensive use of graphs, charts, case studies, and worked examples; and calls your attention to crucial issues that "generic" PM books ignore. Coverage includes: Project structures, including differences between projects and programs, and how those differences affect costing and scheduling Initiation: how projects start, how to develop project charters and stakeholder registers, and how to manage stakeholders Planning, in depth: what costs must be addressed, and what schedule constraints must be considered Project schedule analysis: activity definition, WBS, and work packages; activity sequencing and diagramming; proven methodologies for estimating resources and activity durations; and schedule development Project cost analysis: gathering and estimating all project costs, including labor, materials, vendor bids, subcontractors, contracts, equipment, facilities, and direct/indirect costs. Budgeting via top-down, bottom-up, and activity-based methods Project monitoring and control: earned value, tracking Gantt, S-Curves, performance reviews, milestone analysis, change control systems, estimate at completion, forecasting, and much more For both project management newcomers and working project managers who need to sharpen their skills

Measuring Time

Author: Mario Vanhoucke
Publisher: Springer Science & Business Media
ISBN: 144191014X
Size: 57.41 MB
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Meant to complement rather than compete with the existing books on the subject, this book deals with the project performance and control phases of the project life cycle to present a detailed investigation of the project’s time performance measurement methods and risk analysis techniques in order to evaluate existing and newly developed methods in terms of their abilities to improve the corrective actions decision-making process during project tracking. As readers apply what is learned from the book, EVM practices will become even more effective in project management and cost engineering. Individual chapters look at simulation studies in forecast accuracy; schedule adherence; time sensitivity; activity sensitivity; and using top-down or bottom-up project tracking. Vanhoucke also offers an actual real-life case study, a tutorial on the use of ProTrack software (newly developed based on his research) in EVM, and conclusions on the relative effectiveness for each technique presented.

Integrated Cost And Schedule Control In Project Management

Author: Ursula Kuehn
Publisher: Berrett-Koehler Publishers
ISBN: 1523097426
Size: 76.59 MB
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The Practical, Precise, and Proven Approach to Integrated Cost and Schedule Control! This trusted project management resource, now in its second edition, includes expanded coverage of how integrated cost and schedule control works within the federal government. With the renewed emphasis on transparency in government, the processes detailed in this book are particularly relevant. Building on the solid foundation of the first edition, this updated second edition includes new material on: • Project planning in the federal government • Integrated baseline reviews • Federal requirements for an ANSI/EIA-748 compliant earned value management system • Federal requirements for performance reports Integrated Cost and Schedule Control in Project Management, Second Edition, continues to offer a practical approach that is accessible to project managers at all levels. The step-by-step presentation, numerous case studies, and instructive examples give practitioners relevant material they can put to use immediately.