A Novel Hybrid MCDM Procedure for Achieving Aspired Earned Value Project Performance

Abstract

A better-performing project gainsmore subsequent businesses. Many organizations worldwide apply an earned value management (EVM) system to monitor and control their projects' performance. However, a successful EVM application requires handling multiple interinfluenced criteria with feedback effects for decision-making and continuous improvements throughout the application life cycle. The conventional decision approaches assume that preferences between criteria are independent and put their focuses on decision-making. This study employs a hybrid multiple criteria decision-making (HMCDM) method to devise a novel procedure to fulfil the deficiencies. The proposed procedure enables us to evaluate interinfluence effects and gap indices among criteria/dimensions/alternatives and then systemize the evaluation results in a context of influential network relation map (INRM). The INRM provides managers with visual information to find a route in making application decisions, while identifying critical gaps for continuous improvements. A numerical example is presented to illustrate the applicability of the proposed procedure. The results show that, by employing the HMCDM method, the proposed procedure can provide organizations with a foundation to ensure that the aspired EVM application outcomes are achieved at different levels within an organization.