Estimating Time and Cost Completion using Resource Performance

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Mirjalili, Reza | 2016

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Type of Document: M.Sc. Thesis
Language: Farsi
Document No: 48372 (01)
University: Sharif University of Technology
Department: Industrial Engineering
Advisor(s): Shadrokh, Sharam
Abstract:
Deciding for the future is one of the key tasks that project managers must carry out. Accurate Estimate at Completion helps them make the right decision. Numeruse novel methods have been proposed for calculation of estimate at completion which most of them are based on Earned Value Management. The question is whether considering the resources, as the essential elements of activities and therefoe the project, would result in a more accurate Estimation. In this Thesis, we propose a method that uses resource performance and activity structure to calculate the Estimate at Completion. The method also forecasts future resource usage. To evaluate the proposed method, we generated fictitious projects with different parameters and for better comparison we devide the data in early quarter, last quarter and Total during project life time. Then we calculated the average and standard deviation of Error of Estimation on these situations; results indicate that the proposed method performes much better
Keywords:
Project Management ; Earned Value Mangement (EVM) ; Estimate at Completion (EAC) ; Deciding about Future ; Resource Performance ; Resource Usage

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