Applications of Non-Traditional Earned Value Management Models in Project Analytics

Effective management of financial resources in projects is crucial for project success. Often, difficulties with financial resources, such as budget overruns, lead to unfavorable consequences that directly impact the successful completion of the project, the quality of the outcome, and stakeholder satisfaction. Therefore, identifying and developing tools for the effective management of financial resources, is of paramount importance. The purpose of this study is to apply non-traditional earned value management (EVM) models based on machine learning to predict project costs. To achieve the research objectives, previous literature on the topic was analyzed, a dataset of past projects was prepared, and a machine learning model was applied. The study found that non-traditional models, such as the regression algorithm AdaBoost, produced results close to the actual costs. The research indicates that the developed model could become an indispensable tool for project management and business decision-making, as it demonstrates the ability to adapt to various conditions and make accurate forecasts.