Estimation of Project Performance Using Earned Value Management and Fuzzy Regression

Subject Areas : Business Strategy

Mohammad Mahdi Asgari Dehabadi ¹ , Mostafa Salari ² , Ali Reza Mirzaei ³

1 - Department of Industrial engineering, University of Economic Science Tehran, Iran
2 - Department of Industrial engineering, Sharif University of Technology Tehran, Iran
3 - Department of Technology Management, Allameh Tabataba’ee University Tehran, Iran

Received: 2015-01-03 Accepted : 2015-03-01 Published : 2016-01-01

Keywords: Project Management, Estimation, Fuzzy regression, earned value management,

Abstract :

Earned Value Management is a critical project managementmethodology that evaluates project performance from cost andschedule viewpoints. The novel theoretical framework presented in thispaper estimates future performance of project regarding the past relativeinformation. It benefits from fuzzy regression (FR) models in estimationprocess in order to deal with the vagueness and impreciseness ofreal data. Furthermore, fuzzy-based estimation is evaluated using linguisticterms to interpret different possible condition of projects. Theproposed model can greatly assists project managers to assess prospectiveperformance of project and alerts them in taking of necessaryactions. Finally, one illustrative case associated with a constructionproject has been provided to illustrate the applicability of theoreticalmodel in real situations.

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