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Cost Performance Estimation in Construction Projects Using Fuzzy Time Series

Author

Listed:
  • Mostafa Salari

    (Department of Industrial Engineering, Sharif University of Technology, Tehran, Iran)

  • Nooshin Yousefi

    (Department of Industrial Engineering, Iran University of Science and Technology, Tehran, Iran)

  • Mohhmad Mahdi Asgary

    (Department of System Engineering, University of Economic Sciences, Tehran, Iran)

Abstract

In this paper, 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 assists 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.

Suggested Citation

  • Mostafa Salari & Nooshin Yousefi & Mohhmad Mahdi Asgary, 2015. "Cost Performance Estimation in Construction Projects Using Fuzzy Time Series," International Journal of Information Technology Project Management (IJITPM), IGI Global, vol. 6(1), pages 66-75, January.
    • Handle: RePEc:igg:jitpm0:v:6:y:2015:i:1:p:66-75
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