RESEARCH ARTICLE


Research on Optimization of Earned Value Management Method in Engineering Budget Management



Ji Gedi*, 1, 2, Wu Yunna1, Chang Qing2
1 School of Business and Administration, North China Electric Power University, Beijing, 102206, P.R. China
2 School of Management, Inner Mongolia University of Technology, Huhhot, 010051, P.R. China


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Creative Commons License
© 2015 Gedi et al;

open-access license: This is an open access article distributed under the terms of the Creative Commons Attribution 4.0 International Public License (CC-BY 4.0), a copy of which is available at: https://creativecommons.org/licenses/by/4.0/legalcode. This license permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

* Address correspondence to this author at the School of Business and Administration North China Electric Power University, Huhhot, 102206, P.R. China; Tel: +8618947102205; E-mail: jgd1311@126.com


Abstract

Earned Value Management Method (EVM), widely used in the world, is a project management method of costschedule integrated control. But the traditional EVM sometimes cannot provide an accurate result. In this paper, a practical method is given to analyze the project performance, in which the Network Diagram Method and the Critical Path Method have been introduced into EVM system that can better reflect the practical situation of a project. This improved method can be referred to assub-level earned value analysis method. This method can correct variance in the duration and cost forecast of the traditional EVM, and can also provide more information about the cause analysis.

Keywords: Sub-level Earned Value, performance evaluation, Earned Value Management, Critical Path Method (CPM).