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A multivariate approach for top-down project control using earned value management
Colin, Jeroen Martens, Annelies Vanhoucke, Mario Wauters, Mathieu
Colin, Jeroen
Martens, Annelies
Vanhoucke, Mario
Wauters, Mathieu
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Publication Type
Journal article with impact factor
Editor
Supervisor
Publication Year
2015
Journal
Decision Support Systems
Book
Publication Volume
79
Publication Issue
Nov
Publication Begin page
65
Publication End page
76
Publication Number of pages
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Abstract
Project monitoring and the related decision to proceed to corrective action are crucial components of an integrated project management and control decision support system (DSS). Earned value management/earned schedule (EVM/ES) is a project control methodology that is typically applied for top-down project schedule control. However, traditional models do not correctly account for the multivariate nature of the EVM/ES measurement system. We therefore propose a multivariate model for EVM/ES, which implements a principal component analysis (PCA) on a simulated schedule control reference. During project progress, the real EVM/ES observations can then be projected onto these principal components. This allows for two new multivariate schedule control metrics (T2 and SPE) to be calculated, which can be dynamically monitored on project control charts. Using a computational experiment, we show that these multivariate schedule control metrics lead to performance improvements and practical advantages in comparison with traditional univariate EVM/ES models.
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Keywords
Operations & Supply Chain Management