Application of Earned Value and Earned Schedule to Construction Project

Rajesh Virle, Sumedh Mhaske

Abstract: Earned Value Management (EVM) is a powerful methodology used in the monitoring and controlling of the project. By applying this methodology on the project, it gives executives, project managers and other stakeholder?s ability to visualize project status throughout lifecycle of the project and helps to manage project more effectively. Earned Schedule (ES) is an extension to the theory and practice of Earned Value Management. The earned schedule allows earned value management metrics to be transformed to time or duration metrics to enhance the evaluation of the project schedule performance and to forecast the duration needed to complete the project. The earned schedule enhances the project manager?s understanding of project schedule forecasts and becomes useful for making better decisions about project schedule. This paper discusses the project manager?s considerations and applicability of earned value management and earned schedule. It gives alerts to the project manager that where is he in the project, whether his project is behind schedule, ahead schedule or on schedule.

Keywords: Earned Value Management (EVM), Earned Schedule (ES), Project Monitoring, forecasting project outcomes