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

Shou-Yan Chou, Chien-Chou Yu and Gwo-Hshiung Tzeng

Mathematical Problems in Engineering, 2016, vol. 2016, 1-16

Abstract:

A better-performing project gains more 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.

Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jnlmpe:9721726

DOI: 10.1155/2016/9721726

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