Fuzzy-based Composite Indicator Development Methodology for Evaluating Overall Project Performance
Author(s): |
Jung-Ho Yu
Me-Yeon Jeon Tae Wan Kim |
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Medium: | journal article |
Language(s): | Latvian |
Published in: | Journal of Civil Engineering and Management, February 2015, n. 3, v. 21 |
Page(s): | 343-355 |
DOI: | 10.3846/13923730.2014.890644 |
Abstract: |
Construction companies develop and use composite indicators to evaluate their overall project performance. However, the conventional methodology of composite indicator development causes “the indiscrimination problem”, a low degree of performance discrimination due to low resolution of measurement, and “the redundancy problem”, an incorrect evaluation caused by interrelation among sub-indicators. To address these problems, we propose a novel methodology that uses fuzzy theories. The proposed methodology includes the utility function for normalizing, the fuzzy measure for weighting, and the fuzzy integral for aggregating. A retrospective case study on 52 real projects shows that our proposed methodology can help alleviate the indiscrimination and redundancy problems: the proposed methodology significantly improved the degree of performance discrimination (0.29 to 0.92) and changed ranks of under- or overestimated projects by taking the interactions of sub-indicators into account. Our methodology can contribute more accurate evaluation of overall project performance with higher degrees of performance discrimination. |
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10354519 - Published on:
13/08/2019 - Last updated on:
13/08/2019