PROJECT COST ESTIMATE AT COMPLETION: EARNED VALUE MANAGEMENT VERSUS EARNED SCHEDULE-BASED REGRESSION MODELS. A COMPARATIVE ANALYSIS OF THE MODELS APPLICATION IN THE CONSTRUCTION PROJECTS IN ROMANIA

This paper explores the application of CEAC (Cost Estimate at Completion) calculation models for construction projects in Romania. Four models based on Earned Value Management, a GGM (Gompertz Growth) based model, and an Earned Schedule GGM based model were selected. Based on the data analyzed for 30 projects, the percentage error was determined to apply the four EVM models and the two GGMs based on each project. Percentage error for applying ES GGM based models was lower than for EVM models (Cost Performance Index, Composite Index, Critical Ratio, Moving Average). The accuracy and precision of ES-GGM based models have proven superior in all project life cycles compared to EVM models.