Forecasting Final Schedule and Cost of Projects by Using Statistical and Mathematical Method

Earned value management (EVM) has prepared some methods to forecast final costs of projects. These methods were not developed since the start of formation and were gradually completed, of course with one exception that is its authenticity, they are still remained unchanged. At the present time EVM guide does not apply from schedule indices to forecast schedule for completion of project and lacks such ability. The goal of the present study is to improve abilities of project managers for making logical and intelligent decisions through trustable forecasting methods and final cost of project. Regardless the type of work, time, and range, this method is recommended for project managers. This method is based on technique of EVM which is able to forecast schedule for completion of project by using statistical methods. Results of studies indicate that it is possible to provide statistical methods to forecast final costs of project. Keywords Earned Value Management (EVM), Planned Value (PV), Earned Schedule (ES), Independent Estimate at Completion (IEAC), Actual Cost (AC), Earned Value (EV).