Applied research of earned value theory in the engineering project management

The three objectives of a project are quality, cost and schedule, and the traditional EV theory is on the integrated control of schedule and cost. In this paper, the quality is considered, so that the three objectives can be controlled at the same time. This paper establishes a tri-relationship among them using an econometric mode, analyzes the state of a project at a certain time, determines the cost overruns or savings, the schedule delay or ahead of, uses the relationship between time and cost and takes effective corrective measures to achieve dynamic and optimal management.