Cost/Schedule Monitoring and Forecasting for Project Based on Earned Value Management (EVM)

Abstract

Earned value management (EVM) is one of the most widely used control tools in project management. It is a well-known management system that integrates cost, schedule and performance. Based on the traditional concept of EVM, the cost/schedule monitoring and forecasting model is proposed in this paper. It gives us the analysis steps and provides the methods for monitoring the actual situation and forecasting the final cost and duration. By using this model, the managers are able to know timely the status of a project in terms of budget and schedule and forecast the developing trend and ultimate outcome of the project. So it is a reliable method to improve the capability of project managers for making reasonable decisions.

Predicting construction cost under uncertainty using grey-fuzzy earned value analysis

“…Scope, cost, and time control are all integrated into a single framework using EVA [ 6 ]. EVA can be applied to any project that has a carefully considered work plan, a cost accounting framework, and a timely data collection system with regular status cut-off points for tracking progress [ 7 ]. However, EVA ignores the cash flow of the contractor, the time value of money, and payment delays [ 8 ].…”

Predicting the project time and costs using EVM based on gray numbers

“…Lipke et al (2010) presented EVM as a reliable method to predict final cost and time provided to improve the project management capability of informed decision making. In a research, Huang et al (2014) applied the cost model/program's supervision and prediction based on EVM traditional concept. The analysis processes and method's steps were also stated.…”