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

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

Research output: Contribution to journalArticle

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 languageEnglish
Pages (from-to)730-743
Number of pages14
JournalInternational Journal of Project Management
Volume36
Issue number5
DOIs
Publication statusPublished - 2018 Jul 1

Fingerprint

Monitoring
Industry
Business information
Early warning
Performance monitoring
Monitoring system
Performance measurement
Performance indicators
Environmental change
Construction project
Project type
Data base

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

Cite this

Early-warning performance monitoring system (EPMS) using the business information of a project. / Kim, Chang Won; Yoo, Wi Sung; Lim, Hyunsu; Yu, Ilhan; Cho, Hun Hee; Kang, Kyung In.

In: International Journal of Project Management, Vol. 36, No. 5, 01.07.2018, p. 730-743.

Research output: Contribution to journalArticle

@article{c2e1a859f74847f4a06a0571e54a917b,
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 Cho, {Hun Hee} and Kang, {Kyung In}",
year = "2018",
month = "7",
day = "1",
doi = "10.1016/j.ijproman.2018.03.010",
language = "English",
volume = "36",
pages = "730--743",
journal = "International Journal of Project Management",
issn = "0263-7863",
publisher = "Elsevier BV",
number = "5",

}

TY - JOUR

T1 - Early-warning performance monitoring system (EPMS) using the business information of a project

AU - Kim, Chang Won

AU - Yoo, Wi Sung

AU - Lim, Hyunsu

AU - Yu, Ilhan

AU - Cho, Hun Hee

AU - Kang, Kyung In

PY - 2018/7/1

Y1 - 2018/7/1

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

UR - http://www.scopus.com/inward/record.url?scp=85045446922&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=85045446922&partnerID=8YFLogxK

U2 - 10.1016/j.ijproman.2018.03.010

DO - 10.1016/j.ijproman.2018.03.010

M3 - Article

VL - 36

SP - 730

EP - 743

JO - International Journal of Project Management

JF - International Journal of Project Management

SN - 0263-7863

IS - 5

ER -