Abstract: In construction projects, construction project managers monitor and control the project performance to ensure the project is under control. The Earned Value Management (EVM) method is a tool that integrates three critical elements of project management: scope management, cost management, time management. EVM is traditionally used to monitor and control the project performance by using cost and schedule indices. EVM is widely used to forecast project cost and time at completion. However, the application of EVM is limited due to poor accuracy in forecasting cost and schedule performance. Conventional EVM has inability to address the uncertainties as well as their causes and effects. Recently, many EVM-based cost and schedule performance forecasting methods were introduced by many researchers. This study describes the major aspects of EVM and useful statistical techniques to enhance the effective application of EVM in project management. Further it includes the overview of a statistical approach to refine and improve the performance of conventional EVM by introduction of Weibull Analysis. This can be used in addition with EVM to give probabilistic approach to evaluate cost and schedule performance in construction project.

Keywords: construction management; cost control; cost performance; schedule performance; earned value management method; weibull analysis.