Multivariate control charts using earned value and earned duration management observations to monitor project performance

摘要

This paper presents a statistical project control approach using multivariate T2 control charts to simultaneously monitor the duration and cost performance of projects. The approach uses the cost performance index, from earned value management, and the duration performance index (DPI) from earned duration management, to build the monitored statistic. The major contributions of this study are threefold. First, the use of a single chart to monitor both dimensions simplifies the project control system and decreases the false alarms rate. Second, a simulated sample was used to determine the control limits for each review period based on the allowable variation of each activity. Finally, the use of the multivariate approach to monitor the new DPI, which utilizes only time-based metrics, in contrast with more traditional methodologies that use cost-based data as proxies to assess the performance of a project's duration. The results of computational experiments demonstrate the good efficiency of the proposed T~2 control chart and suggest the new approach is a potentially promising alternative for simultaneously monitoring a project's cost and duration performance.