In this paper, we present a novel project management model that incorporates several features yet to be actively addressed in the literature and focuses on earned value management. The model utilizes the basic structures employed in building project dynamics models. The effects of time-varying project team size, of training and communication overload, and of change management are incorporated into our model. With the help of our model and a hypothetical software technology project, we demonstrate how our system dynamics model can contribute beyond basic project tools like MS Project, in generating the earned value management indicators required by project managers under different scenarios and starting assumptions. Results are consistent with well-known behavior of projects in that the later the changes arrive, the longer is the delay in completing the projects. These phenomena are propagated through the earned value measures to see the actual effects upon schedule and cost performance indices. The study also focuses on the use of earned value measures as well as critical chain concepts to understand how these separately impact project duration and cost.