Kumar, V S S; Hanna, A S and Adams, T (2000) Assessment of working capital requirements by fuzzy set theory. Engineering, Construction and Architectural Management, 7(1), pp. 93-103. ISSN 0969-9988
Abstract
The systematic assessment of working capital requirement in construction projects deals with the analysis of various quantitative and qualitative factors in which information is subjective and based on uncertainty. There exists an inherent difficulty in the classical approach to evaluate the impact of qualitative factors for the assessment of working capital requirement. This paper presents a methodology to incorporate linguistic variables into workable mathematical propositions for the assessment of working capital using fuzzy set theory. This article takes into consideration the uncertainty associated with many of the project resource variables and these are reflected satisfactorily in the working capital computations. A case study illustrates the application of the fuzzy set approach. The results of the case study demonstrate the superiority of the fuzzy set approach to classical methods in the assessment of realistic working capital requirements for construction projects.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | fuzzy relation; fuzzy sets; membership function; working capital |
| Index terms: | qualitative factor, fuzzy set, fuzzy set theory, case study, methodology, construction project, computation |
| Subjects: | data analysis and analytics, data collection methods, computational methods, decision-making and optimization, production management, research methods |
| Topics: | Research Practice, Project Management, Digital Applications |
| Descriptive scope: | 5 PCTEA |
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