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Decision-making Model for Project Schedule-Cost Management Based on Earned Value Method

Lou Hai-yan

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Abstract

Earned value management is a very important and effective method in monitoring project schedule and cost. This method is mainly used for analyzing schedule, cost variance and forecasting the unperfect project duration and cost. Combining with management reserve, it proposes a quantitative decision-making model based on earned value method and the improved model. This can help project manager to take proper action to correct schedule and cost variance.

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What this paper is about

Earned value management is a very important and effective method in monitoring project schedule and cost. This method is mainly used for analyzing schedule, cost variance and forecasting the unperfect project duration and cost. Combining with management reserve, it proposes a quantitative decision-making model based on earned value method and the improved model. This can help project manager to take proper action to correct schedule and cost variance.

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Available abstract

Earned value management is a very important and effective method in monitoring project schedule and cost. This method is mainly used for analyzing schedule, cost variance and forecasting the unperfect project duration and cost. Combining with management reserve, it proposes a quantitative decision-making model based on earned value method and the improved model. This can help project manager to take proper action to correct schedule and cost variance.

Key concepts: Earned value management, Schedule, Project management, Operations research, Variance (accounting), Duration (music), Computer science, Cost estimate

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