An Overview of Earned Value Management in Airspace Industry

Rodríguez, Juan Carlos Meléndez; Pascual, Joaquín López; Molina, Pedro Cañmero; Márquez, Fausto Pedro Garcła

doi:10.1007/978-981-10-1837-4_119

Cited by 2 publications

(3 citation statements)

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“…The analysis of the existing literature on this topic has shown the introduction of several extensions of this model, such as ESM [75][76][77], EDM [78], QEVM [79], E-EVM [62], and ZEVM [80]. One of them, the so-called Enhanced Earned Value Management (E-EVM) model, is a recent complement of the EVM in such a way that all the parameters involved in this methodology are considered in terms of both time and money [71,72]. This is a noteworthy variant of the EVM because the E-EVM allows us to visualize delays in the completion of tasks and also estimate the provisional gains and losses at each stage of the analyzed project.…”

Section: Conclusion Limitations and Future Researchmentioning

confidence: 99%

“…The aim of this paper is to apply the methodology of real options to the aerospace industry and, more specifically, the model defined by Meléndez Rodríguez et al [71], to certain variables involved in the so-called Enhanced Earned Value Management (E-EVM) model [72], giving rise to the so-called Enhanced and Efficient Earned Value Management (E 2 -EVM) model, which will incorporate the capacity of the project to be adapted to the Sustainable Development Goals. That is, there are a lot of persistent airborne applications and some new ones for which lighter-than-air hybrid vehicles are a real option, as indicated by the Royal Academy of Engineering and Royal Aeronautical Society [73].…”

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confidence: 99%

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Sustainability in the Aerospace Sector, a Transition to Clean Energy: The E2-EVM Valuation Model

2021

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Civil aviation is one of biggest industrial contributors to CO2 emissions worldwide. One of the most urgent problems of this sector is providing new technologies to continue operating in a more sustainable environment through a transition to clean energy. The Earned Value Management (EVM) model, as a traditional project management tool, is continuously being revised with new releases and extensions (e.g., ESM, EDM, QEVM, E-EVM, and ZEVM), but to date none of them has applied an expert judgment criterion to be able to modify and anticipate the final result of the project. In such a way, this paper introduces a novel approach to the topic with the so-called Enhanced and Efficient Earned Value Management (denoted E2-EVM) model by including this new capability through the real options methodology, thus helping to support the sustainability of the aerospace sector. This research focuses on three main goals: the description of recent green initiatives in the aerospace sector by checking its contribution to reaching the well-known Sustainable Development Goals (SDGs), the development of a new version of the EVM model by applying the real options methodology, and, finally, the financial contribution to the aerospace industry by applying these initiatives and methodologies.

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Section: Conclusion Limitations and Future Researchmentioning

confidence: 99%

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confidence: 99%

Sustainability in the Aerospace Sector, a Transition to Clean Energy: The E2-EVM Valuation Model

2021

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“…Indices such as the budgeted cost of work scheduled, the budget cost of work performed, and the actual cost of work performed, as well as the correlation between the schedule performance index and cost were also included [30]. In one study, the EVM methodology was explored, and a model to manage the aerospace engineers of a project was proposed based on a real case study [31].…”

Section: Introduction and Literature Reviewmentioning

confidence: 99%

An Integrated Efficiency–Risk Approach in Sustainable Project Control

et al. 2017

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Abstract:The lack of integrated project control techniques covering both qualitative and quantitative indices is one of the most important reasons leading to unfinished projects under predetermined schedules and expected budgets. Two modern techniques proposed in project control-the critical chain method and buffer management (CCM/BM), and the earned value analysis or earned value management and earned schedule (EVM/ES)-both have advantages and disadvantages. Goldratt proposed the CCM/BM method in 1997 based on the theory of constraint (TOC), but this method was not successful despite some improvements in project control because of some executive reasons. The most noteworthy constraint of this method is the management of time and time risks (use of a time buffer) of the project more than the subject. Goldratt believed that time control could be the most critical issue in project control. In other words, the overall problems associated with each project can be solved as long as the buffer time is under control and there is no need to control the other items. EVM/ES is one of the important techniques used to calculate real project development; it has been used for the integrated management of sustainable projects in recent decades. Using this technique, project managers can predict the final status of the project in terms of the necessary time and cost to finish the project. However, this method is limited by the management of the project cost and the lack of interference in the project risks. In sum, the CCM/BM method focuses on time and its risks associated with the project, thus making it advantageous to other techniques. Conversely, EVM/ES focuses on the costs or schedule with non-probabilistic assumptions, giving some interesting results. Therefore, this study aims to represent an integrated framework that considers the advantages of both CCM/BM and EVM/ES, called the efficiency-risk approach, which is implemented to control sustainable projects efficiently. This hybrid form can simultaneously control all the parameters, including both quantitative and qualitative variables, time, cost, and risk in conjunction with the project. Schedule and cost buffers of the project are derived using new formulations that provide appropriate estimations on the duration and cost for completing the sustainable projects and the relevant risks. The proposed ideas are analyzed and described through an industrial case study in the Steel Company, Isfahan, Iran.

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An Overview of Earned Value Management in Airspace Industry

Cited by 2 publications

References 7 publications

Sustainability in the Aerospace Sector, a Transition to Clean Energy: The E2-EVM Valuation Model

Sustainability in the Aerospace Sector, a Transition to Clean Energy: The E2-EVM Valuation Model

An Integrated Efficiency–Risk Approach in Sustainable Project Control

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