###### Abstract
Despite the large number of studies carried out regarding the planning and programming of projects, it has been found that traditional planning and programming techniques have problems detecting deviations in costs and duration [9] and in identifying their causes in complex construction projects. This is mainly due to the fact that their metrics do not jointly address all the factors that can generate deviations in the execution of the project. Traditional methodologies tend to base their metrics exclusively on the costs associated with project activities, leaving aside the risks, times, and criticality associated with each activity. In that context, there is a need for monitoring and control techniques and methodologies that make it possible to detect and measure deviations from the original planning and the actions needed to minimize them and comply with the project's objectives. Thus, this study proposes a new methodology, called CTCR, that combines and considers simultaneously the costs, deadlines, criticality, and risks of the activities of the analyzed projects. There is no other methodology that combines these four components simultaneously, which represents a novel contribution of this work and whose objective is to help solve previously identified problems when applying traditional methods [9]. Today, the technique called Earned Value Management (EVM) has become one of the most widely used throughout the world to evaluate performance in the execution of all types of projects. Important institutions such as the National Aeronautics and Space Administration (NASA) use it in the management of their projects. The basis of this technique, its terminology and formulation, were provided by the US Department of Defense (DoD) in the 1960s, and subsequently by the American National Standards Institute (ANSI), the Electronic Industries Alliance (EIA), and the Project Management Institute (PMI) [23; 24; 25; 26; 27; 28]. However, when considering the use of EVM in complex construction projects such as hydroelectric power projects, this technique does not provide adequate efficiency with regard to managing durations, as a previous research work of the authors establishes [29]. The Earned Value Management (EVM) technique makes a comparison of the planned performance with the actual performance, both in terms of schedule and the actual executed costs of the project. This technique is based on three fundamental metrics: Plan Value (PV), which corresponds to the sum of the planned costs of each task in each period of time; Actual Cost (AC), which refers to the sum of the costs actually executed in each task and in each period of time; and Earned Value (EV), which represents the work actually executed expressed in cost. This metric is calculated by multiplying the percentage of actual physical progress for each activity by the planned cost. Based on these three metrics, EVM calculates a group of indicators that propose an execution progress calculation; among these, the main metrics are the Cost Performance Index (CPI) and Schedule Performance Index (SPI). Likewise, EVM proposes trends in performance in terms of cost and time, based on historical data during project execution. Among the main trend measures are the Estimate at Completion (EAC) and Estimate to Complete (ETC). This work develops and presents a methodology for monitoring and controlling complex construction projects that enables the periodical calculation of metrics for physical and financial progress and making predictions of cost and durations on the completion of the project. It is worth noting that the proposed methodology improves on the performance of traditionally used techniques such as EVM, with which it is compared in this work through stochastic simulation models applied to real projects in the hydropower sector.