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 efficient 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.