Abstract
Together with planning and scheduling, project monitoring and control is an important responsibility of project managers. Monitoring the project includes the collection, recording, organization and presentation of project realization data. Control, on the other hand, involves the analysis of the data with the purpose of preparation of action plans to prevent deviations from the current plan where possible, and mitigate their adverse consequences. As a project monitoring method, we present the Earned Value Management (EVM). We describe the EVM metrics and associated graphical data display tools and discuss how to use them to make time and cost predictions. Impacts of escalation and inflation are considered. Finally, the advantages and limitations of using EVM are discussed.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Anbari, F. T. (2003). Earned value project management method and extensions. Project Management Journal, 34(4), 12–23.
Batselier, J., & Vanhoucke, M. (2015). Construction and evaluation framework for a real-life project database. International Journal of Project Management, 33(3), 697–710.
Brandon, D. M., Jr. (1998). Implementing earned value easily and effectively. Project Management Journal, 29(2), 11–18.
Colin, J., & Vanhoucke, M. (2014). Setting tolerance limits for statistical project control using earned value management. Omega, 49, 107–122.
Hall, N. G. (2012). Project management: Recent developments and research opportunities. Journal of Systems Science and Systems Engineering, 21(2), 129–143.
Hazır, Ö. (2015). A review of analytical models, approaches and decision support tools in project monitoring and control. International Journal of Project Management, 33(4), 808–815.
Hazır, Ö., & Shtub, A. (2011). Effects of the information presentation format on project control. Journal of Operational Research Society, 62, 2157–2161.
Henderson, K. (2005). Earned schedule in action. The Measurable News, 8, 23–30.
Manship, K. (2018) Implementing earned value management on agile projects. Thesis of master of science, Applied Information Management and the Graduate School of the University of Oregon, OR.
Martens, A., & Vanhoucke, M. (2018). An empirical validation of the performance of project control tolerance limits. Automation in Construction, 89, 71–85.
Naeni, L. M., Shadrokh, S., & Salehipour, A. (2011). A fuzzy approach for the earned value management. International Journal of Project Management, 29(6), 764–772.
Olsson, N. O., & Bull-Berg, H. (2015). Use of big data in project evaluations. International Journal of Managing Projects in Business, 8(3), 491–512.
Schmidt, K. W., & Hazır, Ö. (2019). Formulation and solution of an optimal control problem for industrial project control. Annals of Operations Research, 280(1–2), 337–350.
Sethi, S., & Thompson, G. (2002). Optimal control theory: Applications to management science and economics (2nd ed.). Boston, MA: Kluwer Academic Publishers.
Shtub, A., Bard, J., & Globerson, S. (2014). Project management: Processes, methodologies, and economics. (new international edition). New York: Prentice Hall.
Vanhoucke, M. (2009). Measuring time: Improving project performance using earned value management (Vol. 136). New York: Springer Science and Business Media.
Venkataraman, R. R., & Pinto, J. K. (2010). Cost and value management in projects. New York: Wiley.
Wauters, M., & Vanhoucke, M. (2016). A comparative study of artificial intelligence methods for project duration forecasting. Expert Systems with Applications, 46, 249–261.
Webb, A. (2003). Using earned value: A project manager’s guide. London: Routledge.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 2021 Springer Nature Switzerland AG
About this chapter
Cite this chapter
Ulusoy, G., Hazır, Ö. (2021). Progress and Cost Control. In: An Introduction to Project Modeling and Planning. Springer Texts in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-030-61423-2_10
Download citation
DOI: https://doi.org/10.1007/978-3-030-61423-2_10
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-61422-5
Online ISBN: 978-3-030-61423-2
eBook Packages: Business and ManagementBusiness and Management (R0)