Advancing Project Schedule Control Beyond Traditional EVM: A Literature Review

A primary goal of project managers is to guarantee that projects are executed in adherence to their planned cost and duration. Nonetheless, because real-life initiatives are inherently uncertain, projects are rarely completed precisely within the allocated budget and timeline, making it necessary for managers to maintain a proactive approach throughout the project's lifecycle to minimize any potential deviations. Therefore, effective monitoring and control are crucial in ensuring project successful delivery. Over the years, several methodologies have been put out with the objective of providing managers with the proper tools needed to carry out such activities. Among them, one that garnered widespread use and acclaim among practitioners is Earned Value Management (EVM), mainly due to its remarkable simplicity and broad applicability. Nevertheless, traditional EVM presents several limitations, and various alternative approaches have been developed in an effort to overcome them. The purpose of this paper is to address the gaps in EVM related to schedule monitoring and control. Indeed, while research has long prioritized cost management in projects, a compelling need arises to redirect focus toward schedule performance—an aspect that has received comparatively limited attention. Specifically, innovative solutions designed to overcome the main drawbacks of EVM time performance indicators are offered through an extensive literature review. The methodologies discussed in this essay are categorized into two main groups, i.e., top-down and bottom-up project control, each representing distinct approaches to the challenge of schedule monitoring. The former encompasses a set of EVM-based novel metrics and techniques, while the latter focuses on Schedule Risk Analysis (SRA) and activities sensitivity assessment. Furthermore, a method that amalgamates EVM and SRA into a single integrated system is analyzed. To conclude, a qualitative comparison of the various approaches discussed is carried out, evaluating their effectiveness in addressing EVM's limitations and improving project schedule management.