Advances in Economics, Management and Political Sciences
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Proceedings of the 2023 International Conference on Management Research and Economic Development
Series Vol. 20 , 13 September 2023
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Application of Earned Value Management in Project Management
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Abstract
Today, firms may cut costs through improved information exchange and boost profitability by delivering goods more quickly and affordably with fewer resources thanks to the scientific use of project management. In these projects, the core management activities revolve around cost management. This requires project managers to follow a scientific approach to strict project budgets, identify deviations early, analyse problems and correct them in a timely manner. Therefore, this paper aims to introduce the meaning and methods of cost management and introduces the basic concept of earned value management after analysing the history and current status of cost management to optimize its theory. By analysing the interplay between project cost and schedule, this paper explains how to apply earned value management to project cost control process by using cost and schedule performance index analysis and so on. The paper concludes with an analysis of the limitations and some countermeasures and suggestions. Cost management of projects should take into account the variability of the project and take into account both time and quality factors.
Keywords
project management, cost management, earned value management
References
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Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 2023 International Conference on Management Research and Economic Development
- ISBN (Print)
- 978-1-915371-83-6
- ISBN (Online)
- 978-1-915371-84-3
- Published Date
- 13 September 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/20/20230178
- Copyright
- 13 September 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited