Evaluation of operational project performance by integrating Earned Value Management and learning curve theory

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Gholamian Seyyed Akbar

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Journal Paper

Paper Information

Journal: Advances in Industrial Engineering Year:2018 | Volume:52 | Issue:2 Page(s): 233-247

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Title

Evaluation of operational project performance by integrating Earned Value Management and learning curve theory

Author(s)

Gholamian Seyyed Akbar | Issue Writer Certificate

Keywords

Project Performance MeasurementQ1

Learning Curve theoryQ1

Earned Value ManagementQ1

cost forecastingQ1

Abstract

This study adopts an integrated performance measurement and prediction model based on a combination of Earned Value Management approach and the Learning Curve theory under risk condition. The present research to be presented has two main parts: One that concerns the Project Performance Measurement and a second that focuses on forecasting performance indicators in terms of time and cost of the project subject to the errors and risks. The contributions of the present study are threefold. First, this study extends to the traditional performance measurement models, which focuses only on forecasting time at completion, by extending the performance measurement domain to analyse both time and cost. Second, the learning curve models are explicitly used as a basis to assess the nonlinear effect of learning on the performance. Novel risk performance metrics are proposed and adopted for knowledge-based projects. Third, compared with classic deterministic and static performance measurement models, the proposed performance assessment analysis utilizes the Kalman-filter to predict the final time and cost performance accurately by taking into account the probabilistic risk factors and the errors in the performance forecasting procedures. The validity of the integrated performance measurement model is justified based on a case study. The computational results demonstrate that the developed performance measurement framework affords more accurate forecasts for the future performance compared with the traditional deterministic earned value methodology. The integrated performance measurement model developed in this study affords probabilistic prediction bounds and generated low errors than those achieved in classic EVM.

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APA: Copy

Gholamian, Seyyed Akbar. (2018). Evaluation of operational project performance by integrating Earned Value Management and learning curve theory. ADVANCES IN INDUSTRIAL ENGINEERING (JOURNAL OF INDUSTRIAL ENGINEERING), 52(2 ), 233-247. SID. https://sid.ir/paper/166436/en

Vancouver: Copy

Gholamian Seyyed Akbar. Evaluation of operational project performance by integrating Earned Value Management and learning curve theory. ADVANCES IN INDUSTRIAL ENGINEERING (JOURNAL OF INDUSTRIAL ENGINEERING)[Internet]. 2018;52(2 ):233-247. Available from: https://sid.ir/paper/166436/en

IEEE: Copy

Seyyed Akbar Gholamian, “Evaluation of operational project performance by integrating Earned Value Management and learning curve theory,” ADVANCES IN INDUSTRIAL ENGINEERING (JOURNAL OF INDUSTRIAL ENGINEERING), vol. 52, no. 2 , pp. 233–247, 2018, [Online]. Available: https://sid.ir/paper/166436/en

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