Title: A new model for estimation of project total cost in construction projects

Authors: Mostafa Salari; Hassan Ali Aria; Mohammad Mahdi Asgari Dehabadi

Addresses: Department of Civil Engineering, University of Calgary, Calgary, Alberta, Canada ' Mofidrahbar Audit Firm, Tehran, Iran ' Department of Economics, Allameh Tabataba'i University, Tehran, Iran

Abstract: This paper presents a new framework for the cost estimation of construction projects concerning the significant issues that contractors may face through the life cycle of the projects. The proposed approach is basically constructed on the basis of cost estimation process in the earned value management (EVM) technique. However, it attempts to resolve the present shortcomings in EVM estimation process and take into the consideration the cost-related issues so-called financial issues such as delay in client payment, and the time value of money. Furthermore, in order to cope with the uncertain conditions of real situations, the presented model takes the advantage of fuzzy sets theory which is a well-known method in dealing with the situations where the uncertainty arises. The proposed approach not only extends the theoretical framework of EVM but also gives a real insight into the project future performance. Finally, ten illustrative cases related to construction projects are provided to compare the obtained results of proposed model with the results of the EVM estimation process and to demonstrate how the model can be implemented in real projects.

Keywords: earned value management; EVM; estimation; cost estimation; fuzzy theory.

DOI: 10.1504/IJIDS.2017.084886

International Journal of Information and Decision Sciences, 2017 Vol.9 No.2, pp.128 - 143

Received: 28 Oct 2014
Accepted: 30 Jun 2015

Published online: 08 Jul 2017 *

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