The Earned Value Management (EVM) techniques are commonly used for tracking construction project cost and schedule performances. The work completed on activities in the project network model is quantified to provide a basis for comparing as planned and actual performances in terms of time and cost. The aim is to detect any cost and schedule deviations and take timely corrective measures so as to control project delivery under budget and ahead schedule. However, it is not straightforward to apply EVM to track and control practical construction projects, subjected to tight constraints on technology, resource and space. This research is mainly focused on applying EVM on constrained (resource and calendar) construction scheduling subject to activity delays and project time extensions in order to reveal EVM limitations. A geotechnical investigation construction project provides a case for defining problems and formulating solutions. The results prove that the EVM does not well account for total float, project time extension and non-productive cost in practice; while, the forecasting technique used in EVM is insufficient to detect any delays that occur and cause project time extension and cost overrun on the project. This research has formulated project scheduling simulations which enhance EVM and facilitate its applications by conducting precise schedule and cost analysis in support of the EVM. As such, project managers can effectively track, monitor and control project status as the construction progress unfolds continuously.