A new method of Earned Value Management under risk for project cost management: case study: Foolad Technic Engineering International Co.

In this paper a new methodology for project control under uncertainty was proposed. In this protocol Earned Value Management (EVM) with project risk analysis was integrated. Integration of risk management and earned value management for the prediction and estimate the final cost of the project is an effective tool in the management and control of projects and this methodology helps project managers to know whether the project deviations from planned values are within the “expected” deviations derived from activity planned variability. So Th e main purpose of this paper is to present a model based on a combination of earned value management and risk management, for improving of project cost management process, in order to correct and improve the forecasting of final cost of the project. We explain the steps to implement the methodology at the end with implementation of their methodology in a case study (Foolad Technic Engineering International Co), We show that the performance of our methodology, is more acceptable, Compared to approaches.