Integrating Risk in Project Monitoring. New Performance Indexes for Earned Value Measurement

We propose new metrics to integrate Earned Value Management (EVM) and Project Risk Management methodologies in project control and monitoring. We compare EVM cost and schedule variances with the deviation the project should have under the risk analysis expected conditions. Therefore, we are able to distinguish whether the project over-runs are within expected variability or there are structural and systemic changes over the project life cycle. To this aim, we propose new monitoring indexes, as the Cost Control Index and the Schedule Control Index