Abstract:
A well-known technique for the project assessment is termed Earned Value Management (EVM). Nonetheless, still has not entirely explored in AJK, Pakistan where conventional project assessment methodology is being adopted having certain limitations often resulting in overruns in development projects and making project monitoring highly futile and unproductive. It reports financial progress only, does a feeble correlation among the cost and duration of activities and does not forecast deliverables status, and project scope changes. Thus, the traditional system is extremely incapable to envisage the forthcoming health of the project. The overview of EVM and fuzzy logic equations/ fuzzy set theory along with the evaluation of the process involved is given in this paper. The core aim of the study is to devise and present a proficient decision-making tool/technique for assessing project status. This study includes earned-value fuzzy-based interpretations evaluating various indices of EVM and fuzzy cost time estimates under uncertainty. The two basic performance indexes of Earned Value Management (EVM), Schedule, and Cost are the bases of the fuzzy model as these indices have been transformed into linguistic variables for the evaluation of project status (output). The case study example is elaborated to assess earned-value fuzzy-based interpretations. The case study comprises tangible data for calculating values of EVM and fuzzy Cost and Schedule performance index. The results depict the graphical representation of PV, AC, and EV clearly explaining the project slip regarding time and cost depending upon different performance indicators. The developed Fuzzy Earned value equations also help in enumerating the project’s schedule and cost performance showing variation in project track and project's performance health. The case study realizes that EVM’s implementation in the progress reporting management can revolutionize the valuation procedures in the vicinity of the area to mitigate the overruns by accurately indicating the current status and performance of the project. A framework for assessing project performance by integrating earned value (EVM) Management and Fuzzy equations is also elaborated for ready reference. Additionally, this offers construction employees a simple and flexible technique of tracking, altering, and updating cost and time-based data of projects.
Key Words: Fuzzy Earned Value Management, fuzzy progress, Conventional project assessment, decision-making, estimate at completion, Uncertainty, Performance index.
