Fuzzy earned value management using L-R fuzzy numbers

Abstract

Earned Value Management (EVM) is a well-known project management technique to measure project performance and progress in a significant manner. The EVM has an ability to simultaneously and actively monitor and manage scope, schedule, and cost status via an integrated system. In this paper, firstly, we have formulated EVM in vagueness environment using L-R fuzzy numbers. It improves applicability of the EVM under real-life and uncertain conditions and leads to better planning and taking more appropriate managerial decisions. Also, it overcomes the typical fuzzy numbers' drawbacks. Besides, an efficient approach to calculate estimate at completion (EAC) has been developed. Finally, an illustrative case proves successful implementation of the proposed method in reality.