The reputation of construction industry is not so good in completing projects on planned time and budget. Irrespective of academic attention and years of practice in the field of project management, project's performance remains challenging. Construction projects involve complex processes as they continue to develop. Complication and uncertainty in construction projects validate the requirement of exploring further tools and techniques for project's performance and development. The issue of delay in project's completion and increased cost may result in formation of some other problems. There is a dire need of utilization of analytical tools for controlling projects that enables the project manager to play their role effectively and also provide simulations so that corrective actions can be taken at right time. The aim of the research is to develop innovative and sensitive indicators in five dimensions (5D, time, cost, safety, quality, disputes & claims) for project performance measurement, monitoring and control by modifying EVMS and to develop control tool on spreadsheet to cater identified indicators for better project performance measurement, monitoring and control (5D) by test run of 3 real time projects & making analysis of performance. To control time, cost, quality, safety, disputes and claims, a project control tool has been developed by incorporating different performance control indicators and have been implemented on Mega Constructions Projects. This research develops control tool in order to put forward a project monitoring and control system that works in such a way to indicate the variations and report's project status and gives warnings for corrective actions. This control tool can be further utilized by project managers to timely evaluate their projects for better performance.