In construction industry, the term ‘procurement’ is considered as a project based job where clients and contractors are always keen to observe performance indicators. These indicators represent financial and non-financial efficiency of project activities. Among these, the monitoring of financial indicators is an important function of project management. Therefore, during the construction phase,...

In project management context, the Earned Value Management (EVM) is a well-known technique. Despite its popularity, the standard EVM suffers from the absence of some features that require being focused further on to make this method more efficient. This paper is addressing such features specifically the financial aspects of cost control system. These aspects that have been absent in the standar...

This paper proposes a formal method for including time dependence into Earned Value (EV) management. The model requires three parameters, which map directly to the fundamental “triple constraint” of scope, cost, and schedule: the reject rate of activities, the cost overrun parameter, and the time to repair the rejected activities. Time dependent expressions for the planned value, earned value, ...