Optimization study of Earned Value Method in construction project management

Abstract

Earned Value Method is a globally acknowledged approach in cost-schedule monitoring of construction project whose desired target is with the shortest time, the lowest cost and the highest quality. Due to the long construction cycle, high risk and extreme complexity of construction projects, traditional Earned Value Management appears somewhat limited in application, requiring introduction of an integrated management control method. Based on the above characteristics of construction programs, this paper improves traditional Earned Value Method by introducing quality cost. By this way it makes more complete Earned Value Method assessment criteria system and introduces quality performance index into traditional method performance assessment criteria system to combine schedule management, cost management and quality management. The paper then conduct a case study to compare traditional Earned Value Management with Quality Earned Value Management, which shows Quality Earned Value Management that is a scientific and effective management technique and method.