Percent Complete Metric for Performance Management Research Paper

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Project PerformanceThis custom-designed home will be built on a hillside and will include a patio with retaining wall. The total cost of the project is estimated to be $1 million and will take 12 months to complete. This paper will examine the project’s risks and provide recommendations for each one. It will discuss project performance management via earned value management. And it will identify three EVM metrics that will be used for this project.Risks and RecommendationsLandslide/MudslideOne of the primary risks is the potential for landslide or mudslide, which could damage not only the property itself but also neighboring properties. In order to mitigate this risk, it is recommended that the foundation be designed with reinforcement to resist lateral movement, and that the slope of the hill be graded to reduce the chances of water pooling and causing instability. Furthermore, insurance should be obtained in case of natural disaster.In addition, and in order to avoid potential disaster, it is essential to survey a construction site before beginning work, particularly when building on a hillside (Shapira, 2018). By taking geotechnical measurements and analyzing the soil and rock formations, engineers can assess the stability of the site and identify any areas that may be at risk of landslides. This information is essential for ensuring the safety of both workers and the general public. In addition, surveying can help to minimize the impact of construction on the environment by revealing sensitive areas that should be protected. For all these reasons, surveyors play a vital role in ensuring that construction projects are completed safely and responsibly.Budget OverrunsAnother significant risk is budget overruns due to unexpected costs such as material price increases or unanticipated complications during construction. To address this possibility, it is advisable to have a contingency fund equal to 10-20% of the total budget. This will give some financial cushion in case of unforeseen expenditures. Additionally, it is important to get accurate quotes from reliable contractors before beginning work (Mosey, 2009). This will give a clear idea of the overall costs of the project and help you to avoid any unexpected expenses.It is also worth bearing in mind that the cheapest quote is not necessarily the best value for money. To get an accurate quote, one should be sure to provide the contractor with a detailed list of specifications for the work to be carried out. Once one has received a number of quotes, one can then compare them and choose the most suitable option.

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However, one should also consider the reputation of the contractors and their experience in the industry. If not much is known about them or the word of mouth is negative, they may not be the best or most reliable option even if their quote seems the most reasonable on the surface. There may be underlying factors at play that have to be uncovered. By taking these simple precautions, one can ensure that the construction project stays on budget and runs smoothly from start to finish.DelaysThe third key risk revolves…

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…1 indicates that the project is over budget, while a CPI of greater than 1 indicates that the project is under budget. The CPI can be used to track cost performance on a monthly or even weekly basis. By regularly monitoring the CPI, construction managers can identify trends and take corrective action as needed to stay on budget. In addition, the CPI can be used to compare the cost performance of different projects or contractors. Comparing CPIs can help construction managers identify best practices and ensure that their projects are delivered on time and within budget.The schedule performance index (SPI) is a metric that can be used to track how efficient the project is in terms of its schedule. This metric is calculated by dividing the actual duration of the project by the planned duration of the project. For example, if the project has an SPI of 0.8, it means that the project is ahead of schedule by 20%. A value of 1.0 indicates that the project is on schedule, while a value below 1.0 indicates that the project is behind schedule. SPI can be used to identify trends in project performance and to assess whether corrective action is required. Furthermore, SPI can be used in conjunction with other metrics, such as the cost performance index (CPI), to gain a more complete picture of project performance.These three metrics - percent complete, CPI, and SPI - are key earned value management metrics that can be used to track the progress and efficiency….....

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