Early-warning performance monitoring system (EPMS) using the business information of a project

Chang Won Kim; Wi Sung Yoo; Hyunsu Lim; Ilhan Yu; Hunhee Cho; Kyung In Kang

doi:10.1016/j.ijproman.2018.03.010

Early-warning performance monitoring system (EPMS) using the business information of a project

Chang Won Kim, Wi Sung Yoo, Hyunsu Lim, Ilhan Yu, Hunhee Cho, Kyung In Kang

School of Civil, Environmental and Architectural Engineering

Research output: Contribution to journal › Article › peer-review

6 Citations (Scopus)

Abstract

An early-warning performance monitoring system (EPMS) is proposed to objectively measure and monitor the performance of a project for early detection of inherent poor performance problems. The EPMS is built based on project progress data and consists of a database of business information, an optimized theoretical model used as a performance measurement baseline, and an index for monitoring and forecasting the performance. By monitoring the performance through an application of the EPMS to the Korean construction project, the quarterly variation of index was found to differ by project type. These results could explain the environmental changes in the project execution. Therefore, the EPMS is expected to be an alternative for objective performance monitoring and forecasting while applying the existing methods is difficult because of the limited available data on performance indicators. The development procedures may also be useful to researchers interested in approaches to quantitatively analyze trends in various industries.

Original language	English
Pages (from-to)	730-743
Number of pages	14
Journal	International Journal of Project Management
Volume	36
Issue number	5
DOIs	https://doi.org/10.1016/j.ijproman.2018.03.010
Publication status	Published - 2018 Jul

Keywords

Construction project types
Early-warning system
Performance index
Performance measurement baseline
Performance monitoring and forecasting

ASJC Scopus subject areas

Business and International Management
Management of Technology and Innovation

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10.1016/j.ijproman.2018.03.010

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title = "Early-warning performance monitoring system (EPMS) using the business information of a project",

abstract = "An early-warning performance monitoring system (EPMS) is proposed to objectively measure and monitor the performance of a project for early detection of inherent poor performance problems. The EPMS is built based on project progress data and consists of a database of business information, an optimized theoretical model used as a performance measurement baseline, and an index for monitoring and forecasting the performance. By monitoring the performance through an application of the EPMS to the Korean construction project, the quarterly variation of index was found to differ by project type. These results could explain the environmental changes in the project execution. Therefore, the EPMS is expected to be an alternative for objective performance monitoring and forecasting while applying the existing methods is difficult because of the limited available data on performance indicators. The development procedures may also be useful to researchers interested in approaches to quantitatively analyze trends in various industries.",

keywords = "Construction project types, Early-warning system, Performance index, Performance measurement baseline, Performance monitoring and forecasting",

author = "Kim, {Chang Won} and Yoo, {Wi Sung} and Hyunsu Lim and Ilhan Yu and Hunhee Cho and Kang, {Kyung In}",

note = "Funding Information: Funding: This research was supported by the National Research Foundation [grant number NRF-2017R1A6A3A11036442 ] funded by the Ministry of Education of Korea . Publisher Copyright: {\textcopyright} 2018 Elsevier Ltd and Association for Project Management and the International Project Management Association",

year = "2018",

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AU - Kim, Chang Won

AU - Yoo, Wi Sung

AU - Lim, Hyunsu

AU - Yu, Ilhan

AU - Cho, Hunhee

AU - Kang, Kyung In

N1 - Funding Information: Funding: This research was supported by the National Research Foundation [grant number NRF-2017R1A6A3A11036442 ] funded by the Ministry of Education of Korea . Publisher Copyright: © 2018 Elsevier Ltd and Association for Project Management and the International Project Management Association

PY - 2018/7

Y1 - 2018/7

N2 - An early-warning performance monitoring system (EPMS) is proposed to objectively measure and monitor the performance of a project for early detection of inherent poor performance problems. The EPMS is built based on project progress data and consists of a database of business information, an optimized theoretical model used as a performance measurement baseline, and an index for monitoring and forecasting the performance. By monitoring the performance through an application of the EPMS to the Korean construction project, the quarterly variation of index was found to differ by project type. These results could explain the environmental changes in the project execution. Therefore, the EPMS is expected to be an alternative for objective performance monitoring and forecasting while applying the existing methods is difficult because of the limited available data on performance indicators. The development procedures may also be useful to researchers interested in approaches to quantitatively analyze trends in various industries.

AB - An early-warning performance monitoring system (EPMS) is proposed to objectively measure and monitor the performance of a project for early detection of inherent poor performance problems. The EPMS is built based on project progress data and consists of a database of business information, an optimized theoretical model used as a performance measurement baseline, and an index for monitoring and forecasting the performance. By monitoring the performance through an application of the EPMS to the Korean construction project, the quarterly variation of index was found to differ by project type. These results could explain the environmental changes in the project execution. Therefore, the EPMS is expected to be an alternative for objective performance monitoring and forecasting while applying the existing methods is difficult because of the limited available data on performance indicators. The development procedures may also be useful to researchers interested in approaches to quantitatively analyze trends in various industries.

KW - Construction project types

KW - Early-warning system

KW - Performance index

KW - Performance measurement baseline

KW - Performance monitoring and forecasting

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Early-warning performance monitoring system (EPMS) using the business information of a project

Abstract

Keywords

ASJC Scopus subject areas

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