Implementing Three-Variance Approach for Project Time and Cost Control in a Building Construction Project (Case Study: A Project in West Java)

• Published in: IOP conference series. Materials Science and Engineering 2019-10, Vol.650 (1), p.12010
• Main Authors: Friescilia, L, Gondokusumo, O
• Format: Article
• Language: English
• Subjects: Forecasting
• ISSN: 1757-8981; 1757-899X
• DOI: 10.1088/1757-899X/650/1/012010

Earned Value Method (EVM) is one of project controlling methods. This method has been widely used in many projects since long time ago. However, this traditional EVM still has some shortcomings that related to time aspect, such as the use of monetary units, also the time aspect and work aspect are not measured separately. To overcome these shortcomings, several researches have been carried out and one of them is Three-Variance Approach (TVA). This paper proposed the use of EVM and TVA and compared the result from those methods. This paper also aimed to identify the strengths and problems that may arise when using TVA in a real project. The results are visualized with graphs, then be gathered into three categories; project status, forecasting, and trend. Project status determines the condition of the project in each period. Forecasting enables one to estimate the final condition of a project. The improvement of project condition from time to time can be seen in trend.