Earned Value Management in Advertising Projects
Muhammad Asim Mumtaz1, Amela Peric2
1Muhammad Asim Mumtaz, SML (Engineering & IT), University of Technology Sydney (UTS SYD), Sydney, Australia.
2Dr. Ameila Peric, School of Built Environment, University of Technology, Sydney, Australia.
Manuscript received on October 03, 2017. | Revised Manuscript received on October 11, 2017. | Manuscript published on October 31, 2017. | PP: 1-5 | Volume-3 Issue-8, October 2017. | Retrieval Number: H0395103817
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© The Authors. Published By: Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: This paper provides an overview of literature survey of EVM and its application in a real advertisement project. It explains integration of project control using EVM. The paper focuses on three objectives. First idea of EVM is done using peer reviews and journals. Second, best procedure is selected for advertising projects using literature survey and feasibility of method. Third, it implements EVM on a real-time advertising project based on schedule and financial risk. EVM is most reliable tool for integrating cost, time, work and budget. EVM helps in calculating physical project progress at any time, determining its completion date and final cost. It is a simple model that helps manager in cost control. The paper describes EVM method and investigates future cost of a practical project. The paper compares the actual work with the planned work and helps in forecasting future costs. This cost can be calculated in hours or in term of dollar. EVM helps manager to extrapolate the current trends to predict the final effect and thus acts as a “early warning system” to look insight into project status. Based on literature review various EVM benefits have been monitored and linked them to project control. The paper also focuses on sustainability and quality of EVM in project management.
Keywords: EVM, Earn Value Management, Cost Control, Engineering Management, Project Performance improvement, Schedule Management.