(2013) proposed a Bayesian approach to improve estimate at completion in earned value management. (2012) studied the accuracy of preliminary cost estimation in public work departments. (2012) discussed a fuzzy neural network to estimate at completion costs of construction project. Warburton (2011) developed a model for estimation of project final cost concerning how to exceed the convergence to the appropriate result with less variation than typical model for estimate at completion calculations. (2009) introduced a final time and cost forecasting method applying statistical approach. In another study, Dillibabu and Krishnaiah (2005) discussed cost estimation method in terms of effort spent on a software project. (2004) utilized stochastic S-curves for forecasting of project performance. In this regard, Anbari (2003), Lipke (2003) and Jacob and Kane (2004) used as planned value (PV), earned schedule (ES) and earned duration (ED) to develop their models for prediction of project total cost. However, there are many studies that just addressed the estimation of project final cost and attempted to improve their obtained estimation. It seems that it would be an appropriate idea to bridge the gap between these backward and forward viewpoints of EVM which means to employ CPI for prediction of project performance. Hence, being aware of final cost is not enough for taking managerial decisions. However, there some situations in real case project that project managers require obtaining the cost future performance of project in the upcoming milestones or to observe the future trend of cost performance for taking necessary actions. Regarding the second viewpoints, EVM is a method for assisting project managers to reach reasonable decisions concerning the future. Secondly, it looks forward, proposing a process called estimate at completion process (EAC) for estimation of project final cost. Actually, there are two distinctive viewpoints for cost management in an EVM system: Initially, it looks backward, measuring the past cost performances of project and using cost performance index (CPI). One significant feature of EVM relates to the cost management. On the other hand, there other researchers discussed and improved the efficiency of EVM in real case projects (Anbari, 2003 Cioffi, 2006 Jacob, 2003 Lipke, 2003 Moslemi Naeni et al., 2011). Due to the simplicity and application of EVM systems in different situations, many researchers applied the EVM in various organizations and projects (Al-Jibouri, 2003 Bagherpour et al., 2010 Baumeister and Floren, 2011 Moselhi et al., 2004). The introduced indices of EVM make this measurement possible. The PMBOK Guide initially defines EVM as “a management methodology for integrating scope, schedule, and resources for objectively measuring project performance and progress” (PMI, 2012). When EVM is properly applied, it provides an early warning of performance problems. Earned value management (EVM) is a project management technique which can measure project performance from different viewpoints.
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