A new forecasting model to improve earned value index to achieve an accurate project time and cost estimation
Document Type
Conference Item
Publication Date
1-1-2009
Abstract
This paper presents a new forecasting model to improve Earned Value (EV) method of projects. This method improves earned value management system (EVMS) and forecasting time and cost for projects. These method use established consists of four variables: Scheduled Performance Index (SPI), Cost Performance Index (CPI), Cost Variance (CV), Schedule Variance (SV). The model has been validated by a simulation study using a progress generator a new software. This software was developed in Visual Studio 2008 - Visual Basic NET 2008 and Microsoft Office Project 2007 and it included some basic assumptions and data were generated day by day randomly. The results show a strong relationship between response variable and above four predictors. Therefore, it can be concluded that the model could be used in a wide range of projects for EAC estimation.
Keywords
Earned Value, Performance Management, Time and Cost Forecasting, Schedule Performance Index, Cost Performance Index
Divisions
fsktm
Funders
IACSIT; Singapore Inst Elect
Event Title
International Conference on Information Management and Engineering
Event Location
Kuala Lumpur, MALAYSIA
Event Dates
APR 03-05, 2009
Event Type
conference
Additional Information
Univ Malaya, Fac Comp Sci & Informat Technol, Dept Software Engn, Kuala Lumpur 50603, Malaysia