Abstract
A better-performing project gains more subsequent businesses. Many organizations worldwide apply an earned value management (EVM) system to monitor and control their projects’ performance. However, a successful EVM application requires handling multiple interinfluenced criteria with feedback effects for decision-making and continuous improvements throughout the application life cycle. The conventional decision approaches assume that preferences between criteria are independent and put their focuses on decision-making. This study employs a hybrid multiple criteria decision-making (HMCDM) method to devise a novel procedure to fulfil the deficiencies. The proposed procedure enables us to evaluate interinfluence effects and gap indices among criteria/dimensions/alternatives and then systemize the evaluation results in a context of influential network relation map (INRM). The INRM provides managers with visual information to find a route in making application decisions, while identifying critical gaps for continuous improvements. A numerical example is presented to illustrate the applicability of the proposed procedure. The results show that, by employing the HMCDM method, the proposed procedure can provide organizations with a foundation to ensure that the aspired EVM application outcomes are achieved at different levels within an organization.
Highlights
A project is “a temporary endeavor undertaken to transform limited resources into a unique product, service, or result,” in order to satisfy the needs of society, users, and customers [1]
The results show that, by employing the hybrid multiple criteria decision-making (HMCDM) method, the proposed procedure can provide organizations with a foundation to ensure that the aspired earned value management (EVM) application outcomes are achieved at different levels within an organization
This study proposed a novel procedure, based on the HMCDM method, enabling organizations to obtain aspired outcomes through better decision-making and continuous improvements over the life of the application process
Summary
A project is “a temporary endeavor undertaken to transform limited resources into a unique product, service, or result,” in order to satisfy the needs of society, users, and customers [1]. Kwak and Anbari [5] have noted that without adequate analysis upfront, even after an application decision has been conceived and implemented, unanticipated efforts will be required to solve new problems as the implementation proceeds These studies demonstrate the importance of adopting a systematic procedure to analyze interinfluenced criteria associated with the EVM application decision. The HMCDM method contains a decision-making trial and evaluation (DEMATAEL) technique [21], a DEMATEL-based analytical network procedure (DANP) [22], and a modified multicriteria optimization and compromise solution (ViseKriterijumska Optimizacija I Kompromisno Resenje in Serbian; VIKOR) method [23] This combined approach was introduced by Tzeng [17] as a new trend of decision-making.
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