Earned Value Analysis for Gauge Conversion Project of India Railway and Identify risks

Abstract

Construction projects are challenging to complete within stipulated time and cost. The non-identification of risk in the planning stage of the project is the preeminent reason for time and cost overrun. In the present work, risk factors are identified for the “Gauge conversion of railway line” project using earned value (EV) analysis. The authors have collected Budgeted cost of work performance (BCWP), Budgeted cost of work scheduled (BCWS), Actual cost of work performed for the project at different points of time. The Schedule performance index (SPI), Cost performance index (CPI), the factors responsible for time and cost delay are closely monitored. Stakeholders responsible for each risk factor are identified by observing time and cost variance of the project and probable solution to mitigate the same is given. The optimistic, realistic and pessimistic values for Estimated cost at completion (EAC) and estimate to complete (ETC) are estimated for the present project. Schedule at variance (SAC) is estimated at project completion. Based on EVA some risk factors are identified activity and category wise and give a probable solution. The inference of present work will be used to authority for planning and scheduling of similar projects in future.