The Application of Improved Earned Value Management Method in Engineering Project Management

Abstract

The Earned Value Management (EVM) is an effective project management method that originated in the 60's of 20th century in the United States for national defense projects. It compares the planned value, the actual value with the earned value at a certain point of time to determine if the cost and schedule of project is in control. But Earned Value Management method still has some deficiencies. This article manages to compensate for these deficiencies of EVM with introducing quality variables and other approaches, and analyzes the effectiveness of the improved EVM application finally.