A New Proposed Method to Estimate Earned Value Using Fuzzy Logic

Project cost estimation and actual time is one of the serious concerns of project managers. Earned Value Management is considered as a technique for answering two following questions: how long does it take to complete a project? How much does the project cost? Project Performance Evaluation can only be predicated based on previous data and knowledge in the present dealings of earned value and its future conditions and prospects would not be categorically realized.Although there are many proposed methods to solve these boundaries, there is not a method encompassing all uncertainties and future conditions. This paper aims at introducing a new method using time limits, costs and project performance in fuzzy logic to determine the earned value indexes. Risk factors are added to the Fuzzy logics in order to obtaining the precise estimation in predicting the final outcomes of the project. This paper provides a brief introduction regarding the current methods followed by investigation on Fuzzy methodology and risk factors. Finally, the offered model is proposed,defined and supported by means of an example.