Project costs planning in the conditions of uncertainty

Abstract

The fuzzy approach to the project network analysis of the project planning and control is commonly oriented on the fuzzy critical path setting and the project duration monitoring. In the article, this approach is improved by the addition of the project costs perspective to the standard time aspect. The relations for the fuzzy quantity of the total project costs and for its membership function are derived. The example demonstrates the application of the theoretical relations and shows how the enhanced fuzzy approach can be used when different project variants are to be compared. The example also reveals how the fuzzy approach with the project costs monitoring brings new information for the project planning and management and for the risk management.