FUZZY LOGIC FOR EVALUATING ALTERNATIVES DURING VALUE-ENGINEERING STUDY IN PROJECT MANAGEMENT

摘要

In Value Engineering (VE) approach, one has to select the best alternative. If a new method or model of equipment or material is to gain acceptance, the risk due to its implementation must fall within certain limits, considering the possible benefits that would accrue. This paper presents a decision support system incorporating the risk factor for evaluating various alternatives during a VE study using Fuzzy Logic. The procedure has been explained with the help of an example of choosing the best technology alternative.