A Correlated Study between Time and Cost in Accordance with Fuzzy Logic

Objectives: To optimize the duration of the project using fuzzy mathematical model. Methods/Statistical Analysis: In this, a case study is scheduled, and cost estimation is done. Scheduling is done using Microsoft Project (MSP), Critical Path Method (CPM) and Line of Balance (LOB). The efficiency of both the scheduling is assessed by critical path method. Estimation is carried out using the Centre line method. The schedule and cost estimate shows the difference with respect to the actual time consumed to construct and expenses. Findings: The difference in schedule was the result of improper scheduling techniques and estimation procedures. The cost is increased by 25% due to increase in the time delay. The critical activity in the project is identified and crashed to decrease the duration and calculated the crash cost. The critical activity in the final stages of work is crashed heavily to reduce the time of capital investment locked in the project. Application/Improvements: The fuzzy logic optimizing technique was used to create correlation between time and cost with high opinion to the point of approval of the project manager.