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Cost Performance Estimation in Construction Projects Using Fuzzy Time Series

Cost Performance Estimation in Construction Projects Using Fuzzy Time Series
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Author(s): Mostafa Salari (Sharif University of Technology, Iran), Nooshin Yousefi (Iran University of Science and Technology, Iran) and Mohhmad Mahdi Asgary (University of Economic Sciences, Iran)
Copyright: 2016
Pages: 12
Source title: Project Management: Concepts, Methodologies, Tools, and Applications
Source Author(s)/Editor(s): Information Resources Management Association (USA)
DOI: 10.4018/978-1-5225-0196-1.ch017

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Abstract

In this chapter, the authors develop a model to estimate future performance of construction projects. For the purpose of estimation, fuzzy times series models are used as an effective approach in estimation process. Furthermore, linguistic terms are applied to interpret the fuzzy-based results. The proposed model can assist project managers to develop their knowledge concerning the future aspects of project cost performance. It also provides the early warning of weak upcoming performance of project and extends the feasible time for corrective actions. Eventually, a small example has been provided to illustrate how the new model can be implemented in reality.

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