Practical EVMS for an EPC Project

摘要

The purpose of this paper is to present a practical approach on how an earned value management system (EVMS) is applied by contractor for an EPC (Engineering, Procurement, and Construction) Turn-key Lump-sum project in the process industry. The primary objective of project execution is to complete the project within an approved budget and schedule. One powerful tool to satisfy this objective is the EVMS which is well known, but not widely used. In each phase of engineering, procurement and construction, it provides practical solutions i11 the following three steps; one is to develop work breakdown structure (WBS) incorporating control accounts (CA) along with cost coding system, which enables integrated project control; next is to establish progress measurement system; and the last is to report the project status the key points are how to establish control accounts and manage unpaid actual cost against the work actually performed or committed.