Cost Control and EVA
Thia chapter describes the principles of earned value analysis (EVA) and the very similar Foster Wheeler SMAC manhour control system. The advantages of EVA over the traditional weighting system are discussed together with an example showing how to recalculate the earned value and final forecast after poor progress due to re-work. Formulae are provided for calculating earned value, overall % completion, efficiency, and final forecast in either manhours or cost. The chapter also includes a section on EVA in civil engineering and the integration of materials with EVA.
Earned value analysis; EVA; % complete; actual hours; value hours; budget hours; forecast final hours; integration of materials; SMAC ...