In this paper, we present a novel project management model that incorporatesseveral features yet to be actively addressed in the literature and focuses on earned valuemanagement. The model utilizes the basic structures employed in building projectdynamics models. The effects of time-varying project team size, of varying productivity, oftraining and communication overload, and of change management are incorporated intoour model. With the help of our model and a hypothetical software technology project, wedemonstrate how a system dynamics model can contribute beyond basic project tools likeMS Project, in generating the earned value management indicators required by projectmanagers under different scenarios and starting assumptions. Results indicate the laterwithin the projects that the changes arrive, the longer is the delay in completing theprojects. Also, the later the changes arrive, the more expensive they are to fix. Thesephenomena are propagated through the earned value measures to see the actual effectsupon schedule and cost performance indices.
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