Forecasting in Project Monitoring System Based on the Concept of Earned Scedule

The scope of this article is to come round the topic how to keep a project on track properly with the fundamental parameters, and to provide an improved time-dependent solution for monitoring. Since the milestone reporting is poor to monitor the projects, a much more sophisticated system, the earned value management is proposed to be operated concurrently. Recently, this method is criticized severely on its financial-oriented nature, which leaded to its unreliability. Several solutions are suggested to provide an extension to earned value management that surpasses these drawbacks. One of the suitable answers is to introduce and use the concept of earned schedule. A method based on adaptive projective forecasting model to earned schedule, which takes historical data into consideration, is proposed. The paper also presents an illustration on the calculation of earned schedule using quantitative forecasting models applied for a real-life data warehouse project at a financial institution.