Progress and Cost Control

Abstract

Together with planning and scheduling, project monitoring and control is an important responsibility of project managers. Monitoring the project includes the collection, recording, organization and presentation of project realization data. Control, on the other hand, involves the analysis of the data with the purpose of preparation of action plans to prevent deviations from the current plan where possible, and mitigate their adverse consequences. As a project monitoring method, we present the Earned Value Management (EVM). We describe the EVM metrics and associated graphical data display tools and discuss how to use them to make time and cost predictions. Impacts of escalation and inflation are considered. Finally, the advantages and limitations of using EVM are discussed.