Disadvantages of EVM-type project management indicators

Abstract

Tracking and monitoring become particularly important during the implementation phase of projects; however, participants should maintain some form of tracking and monitoring at all stages. It has taken decades for the use of milestones to be accompanied by sophisticated methods, even those required by law. Earned Value Management (EVM) is a managerial method used to control projects in terms of cost, time, and progress. Although many researchers have studied the EVM concept, only a few have attempted to suggest EVM frameworks for concurrent analysis of additional elements beyond time, cost, and progress. The importance of EVM is indicated by the fact that it is now a permanent chapter in methodologies and standards. In the meantime, several studies have shown EVM’s shortcomings, and a number of researchers have proposed possible solutions (e.g., Earned Schedule or Earned Duration). This conference paper will summarize the most critical and recent additions, and based on them, further extension possibilities can be suggested.