Loading...
A comparison of different project duration forecasting methods using earned value metrics
Vandevoorde, Stephan Vanhoucke, Mario
Vandevoorde, Stephan
Vanhoucke, Mario
Citations
Altmetric:
Publication Type
Working paper
Editor
Supervisor
Publication Year
2005
Journal
Book
Publication Volume
Publication Issue
16
Publication Begin page
Publication End page
Publication Number of pages
31
Collections
Abstract
Earned value project management is a well-known management system that integrates cost, schedule and technical performance. It allows the calculation of cost and schedule variances and performance indices and forecasts of project cost and schedule duration. The earned value method provides early indications of project performance to highlight the need for eventual corrective action. Earned value management was originally developed for cost management and has not widely been used for forecasting project duration. However, recent research trends show an increase of interest to use performance indicators for predicting total project duration. In this paper, we give an overview of the state-of-the-art knowledge for this new research trend to bring clarity in the often confusing terminology. The purpose of this paper is three-fold. First, we compare the classic earned value performance indicators SV & SPI with the newly developed earned schedule performance indicators SV(t) & SPI(t). Next, we present a generic schedule forecasting formula applicable in different project situations and compare the three methods from literature to forecast total project duration. Finally, we illustrate the use of each method on a simple one activity example project and on real-life project data. Keywords: Earned value, earned duration, earned schedule, project duration forecasting
Research Projects
Organizational Units
Journal Issue
Keywords
Programme & Portfolio Management