Lam, K C; So, A T P; Hu, T; Ng, T; Yuen, R K K; Lo, S M; Cheung, S O and Yang, H (2001) An integration of the fuzzy reasoning technique and the fuzzy optimization method in construction project management decision-making. Construction Management and Economics, 19(1), pp. 63-76. ISSN 01446193
Abstract
Most real world decision-making combines quantitative and qualitative (linguistic) variables. Conventional mathematics that combines qualitative and quantitative concepts exhibits difficulty in modelling actual problems. The research presented in this paper illustrates a mathematical approach to the solution of decision-making problems that combine qualitative and quantitative objectives. A methodical system for construction project management decision-making was developed using a combination of fuzzy multiple-objective decision-making theory and the fuzzy reasoning technique. The mathematical model can be applied to construction project management problems by suggesting an optimal path of corporate cash flow that results in the minimum use of resources. The information provided by the mathematical model allows the planner to eliminate excess use, or idleness, of resources during the construction of a project. Such information is indispensable for decision-makers in analysing the best time to invest in a new project. A case study is demonstrated to illustrate the application to a management decision problem.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | mathematical models; decision making in architecture; construction; finance; fuzzy sets; multi-objective; optimization |
| Index terms: | management decision, fuzzy optimization, decision-making, integration, mathematical model, reasoning, cash flow, modelling, construction project management, planner, fuzzy set, case study |
| Subjects: | profession, data collection methods, mathematical modelling, analytical methods, financial management, algorithms, decision-making and reasoning, project management theory and practice, organizational analysis, decision analysis, cognitive psychology, decision-making and optimization |
| Topics: | Risk Management, Roles and Professions, Engineering Principles, Research Practice, Project Management, Cost Management, Organizational Design, Digital Applications |
| Descriptive scope: | 4 PCEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here