Improving the Forecasting Accuracy of a Project Status Using the Inputs of Earned Value Management – A Review Article

Abstract

The earned value method (EVM) is recognized as a viable method for evaluating and forecasting project cost performance. Its application to schedule performance forecasting has been limited due to poor accuracy. The index based EVM forecasting methods are deterministic approaches having large forecasting errors in the initial stages of a project. Hence this paper gives a brief overview of the advanced accurate approaches like Kalman filter, growth model and linear modelling which can be used to obtain accurate cost and schedule estimates and it also provides future scope in the area of project forecasting for future research.
Keywords: EVM, Forecasting accuracy, Deterministic approach