Abstract
The framework of this paper is the aerospace industry, which is one of the world’s leading sectors, thus playing a noteworthy role in current society. This makes it especially important to try to optimize the management of the aerospace sector. Therefore, the main objective of this paper is to propose the so-called Enhanced-Earned Value Management (hereinafter, E-EVM) model, able to explore the simultaneous evaluation of many projects, from which the management of the project can take advantage. Additionally, this model considers the possibility of forecasting pending tasks, measurable in time units or cost units, until the end of the project. The main contribution of E-EVM methodology is its capacity to detect both delayed and advanced projects by converting times (hours) into monetary units (EUR). Empirically, this enhanced model has been applied to a real case study in the aerospace industry composed of thousands of subprojects and the results provide the project manager with valuable information to make decisions in a short term. Through computer graphic representation techniques, the visualization of project deployment can be improved. Finally, the E-EVM model can be used even in big projects where a very large volume of information must be simultaneously treated and also, it will be suitable to apply pattern recognition concerning the project performance.
Highlights
The continuous search for cost reduction in manufacturing and production processes is an ongoing task for company managers, whose impact on their financial management is significant
Taking into account that the literature suggests further research to explore how improve project management through new tools which refine and improve EVM, the objective of this paper is to present the so-called E-EVM model from both a theoretical and empirical point of view
The concept of “earned value” in project management was defined in the 1960s; it was recognized as an important technique, widely used in US Government contracts, it failed to awaken interest outside the USA because of its specific requirements and its cumbersome, prescriptive bureaucracy
Summary
Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
