Applying mechanical equilibrium rules in project cost management. (June 2016)

• Record Type: Journal Article
• Authors: Bagherpour, Morteza; Safari, Mojtaba; Mohammad Sharifi, Masoud
• Is Part Of: Proceedings of the Institution of Mechanical Engineers. Volume 230:Number 6(2016:Jun.)
• Page Start: 1156
• Page End: 1163
• Publication Date: 2016-06
• Subjects: Earned value management -- beams' equilibrium -- cost management -- financial equilibrium; Mechanical engineering -- Periodicals; Engineering -- Management -- Periodicals; Manufacturing processes -- Periodicals; 629.8
• DOI: 10.1177/0954405414553811
• Languages: English
• ISSNs: 0954-4054

Abstract

The earned value management is a systematic approach to measure project progress and forecast final cost of a project. However, this method has not significantly been improved over its earlier version and there are some criticisms against this standard method. This approach presents a good condition if only the cost performance index shows satisfactory results. The objective of this research is to propose a new methodology in project financial system according to the rules and regulations on mechanical equilibrium of a beam. The results have been successfully implemented which improved the standard project cost management system.