The earned value concept is an effective way for project cost-schedule control. Constructing port and waterway
projects requires complicated techniques, contains uncertain factors, and is vulnerable to environment, so it is more important to
introduce the earned value concept for the control of projects. Traditionally earned value concept is generally used on the basis of
meeting the most fundamental quality requirements, but the true value of a project is influenced by the actual quality of the
project. The paper applies the earned value concept to the cost accounting commonly used in port and water engineering, and
further introduces the earned value index for project quality, which can reflect the true value of projects, achieves the objective of
controlling cost, schedule and quality and thereby improve the effectiveness of project management.