Earned value management (EVM) is one of the most widely used control tools in project management. In addition reporting the status of a project in terms of budget and schedule, it could forecast the ultimate outcome of the project. However, EVM has limitations when it comes to proactive decision making in handling uncertainties. This thesis presents the development of a tool integrating Monte Carlo simulation with EVM method.;Simulated Earned Value Management (SEVM) tool can simulate cost and duration outcome for the entire project and has the capacity to incorporate the current progress of the project. This simulation tool provides information on (a) probability of completion for a given cost and time and (b) range estimation on the cost and schedule performance indices at any future date, both of which enables the project manager to identify different cost and schedule outcome combinations and timeframes where adverse impacts are more significant.
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