An Evidential Reasoning Approach for the Earned Value Management

Abstract

Earned Value Management (EVM) is a project management technique used to measure project progress by integrating e cient management of the most important three elements in a project i.e. cost, schedule, and scope. This paper presents an Evidential Reasoning (ER) based model for estimating the Earned Value (EV) of the projects activities with uncertainties in progress data. Since the subjective nature of EV measurement can incorporate errors and uncertainties which cause biased judgments, and as the uncertainty is inherent in real-life activities, the developed ER based model is very useful to evaluate the EV of a project wherein uncertainty arises. A case study is provided to illustrate how the new model will be used and can be implemented in reality.

Predicting the project time and costs using EVM based on gray numbers

“…The model has also been tested in oil and gas projects. Forouzanpour et al (2016) stated that evidential reasoning (ER) is very useful based on the EV model. As a result, this paper has explained how interval earned value and other EVM indicators could be estimated using the developed ER method.…”