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Project Management, Planning and Control, 7th Edition by Albert Lester

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Chapter 32

Cost Control and EVA

Abstract

This chapter describes the principles of earned value analysis (EVA) and the very similar Foster Wheeler SMAC man-hour 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 rework. Formulae are provided for calculating earned value, overall % completion, efficiency and final forecast in either man-hours or cost. The chapter also includes a section on EVA in civil engineering and the integration of materials with EVA.

Keywords

Actual hours; Budget hours; % Complete; Earned value analysis; Forecast final hours; Integration of materials; SMAC; Value hours

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