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Project regularity: Development and evaluation of a new project characteristic

Batselier, J; Vanhoucke, M; (2017) Project regularity: Development and evaluation of a new project characteristic. Journal of Systems Science and Systems Engineering , 26 (1) pp. 100-120. 10.1007/s11518-016-5312-6. Green open access

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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.

Type: Article
Title: Project regularity: Development and evaluation of a new project characteristic
Open access status: An open access version is available from UCL Discovery
DOI: 10.1007/s11518-016-5312-6
Publisher version: http://dx.doi.org/10.1007/s11518-016-5312-6
Additional information: The final publication is available at Springer via http://dx.doi.org/10.1007/s11518-016-5312-6.
Keywords: Project management; earned value management; time and cost forecasting; empirical database; Monte Carlo simulation; project control system
UCL classification: UCL
UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > UCL School of Management
URI: https://discovery.ucl.ac.uk/id/eprint/1506210
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