Project regularity: Development and evaluation of a new project characteristic
Batselier, Jordy Vanhoucke, Mario
Batselier, Jordy
Vanhoucke, Mario
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Publication Type
Journal article with impact factor
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Supervisor
Publication Year
2017
Journal
Journal of Systems Science and Systems Engineering
Book
Publication Volume
26
Publication Issue
1
Publication Begin page
100
Publication End page
120
Publication NUmber of pages
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Abstract
The ability to accurately characterize projects is essential to good project management. Therefore, a novel project characteristic is developed that reflects the value accrue within a project. This characteristic, called project regularity, is expressed in terms of the newly introduced regular/irregular-indicator RI. The widely accepted management system of earned value management (EVM) forms the basis for evaluation of the new characteristic. More concretely, the influence of project regularity on EVM forecasting accuracy is assessed, and is shown to be significant for both time and cost forecasting. Moreover, this effect appears to be stronger than that of the widely used characteristic of project seriality expressed by the serial/parallel-indicator SP. Therefore, project regularity could also be useful as an input parameter for project network generators. Furthermore, the introduction of project regularity can provide project managers with a more accurate indication of the time and cost forecasting accuracy that is to be expected for a certain project and, correspondingly, of how a project should be built up in order to obtain more reliable forecasts during project control.
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Keywords
Project Management, Earned Value Management, Time and Cost Forecasting, Empirical Database, Monte Carlo Simulation, Project Control System