Advanced Topics

Abstract

This chapter gives an overview of the main Earned Value Management (EVM) research results obtained by a large Monte-Carlo simulation study summarized in the book by Vanhoucke (2010a). The focus is on the prediction of the final duration of a project in progress using the forecasting methods of Sect. 12.4.1. The chapter measures the accuracy of these prediction methods and the main drivers of this accuracy along the various stages in the project life cycle. The chapter also presents a rather new EVM extension, the so-called p-factor approach, to measure schedule adherence based on the traditional earned value metrics. Finally, the chapter presents the main results of integrating the three components of dynamic scheduling (baseline scheduling, risk analysis and project control) and investigates whether the integrated approach might lead to a higher efficiency of the project control phase during its progress.