Abstract:
In construction projects, construction project managers monitor
and control the project performance to ensure
the project is under control. The Earned Value Management (EVM) method is a tool that integrates three critical
elements of project management: scope management, cost management, time management. EVM is traditi
onally used
to monitor and control the project performance by using cost and schedule indices. EVM is widely used to forecast
project cost and time at completion. However, the application of EVM is limited due to poor accuracy in forecasting
cost and sched
ule performance. Conventional EVM has inability to address the uncertainties as well as their causes and
effects. Recently, many EVM
-
based cost and schedule performance forecasting methods were introduced by many
researchers. This study describes the major
aspects of EVM and useful statistical techniques to enhance the effective
application of EVM in project management. Further it includes the overview of a statistical approach to refine and
improve the performance of conventional EVM by introduction of Wei
bull Analysis. This can be used in addition with
EVM to give probabilistic approach to evaluate cost and schedule performance in construction project
