RT info:eu-repo/semantics/article
T1 Beyond Earned Value Management: A Graphical Framework for Integrated Cost, Schedule and Risk Monitoring
A1 Acebes Senovilla, Fernando
A1 Pajares Gutiérrez, Javier
A1 Galán Ordax, José Manuél
A1 López Paredes, Adolfo
K1 Earned Value Management; risk management; project control and monitoring
AB In this paper, we propose an innovative and simple graphical framework for project control and monitoring, to integrate the dimensions of project cost and schedule with risk management, therefore extending the Earned Value methodology (EVM). EVM allows Project managers to know whether the project has overruns (over-costs and/or delays), but project managers do not know when deviations from planned values are so important that corrective actions should be taken or, in case of good performance, sources of improvement can be detected. From the concept of project planned variability, we build a graphical methodology to know when a project remains “out of control” or “within expected variability” during the project lifecycle. To this aim, we define and represent new control indexes and new cumulative buffers. Five areas in the chart represent five different possible project states. To implement this framework, project managers only need the data provided by EVM traditional analysis and Monte-Carlo simulation. We also explore the sensitivity of the methodology to control variables.
PB Elsevier
SN 1877-0428
YR 2013
FD 2013
LK https://uvadoc.uva.es/handle/10324/64889
UL https://uvadoc.uva.es/handle/10324/64889
LA spa
NO Procedia - Social and Behavioral Sciences, March 2013, 74, 181-189
DS UVaDOC
RD 16-may-2024