Minimizing time and cost risks using scheduling in project management

In this study the resource constrained project scheduling problem with fuzzy activity times is addressed. BIFPET (Belief in Fuzzy Probability Estimations of Time) methodology has been employed to determine the appropriate fuzzy membership functions in modeling activity times. Multiple resources with variable usage costs have been used in the model in order to comply with real life projects? requirements. Heuristics for determining the initial solutions for the mixed integer programming mathematical optimization model have been used and various sizes of resource constrained project scheduling problems have been solved using the solution space limitation approach yielding project completion times and project costs. Scenario analysis and a case study were conducted to demonstrate the applicability of the method in practice. Thus, a method to minimize time and cost risks and to enable the project manager to control these risks in project planning has been proposed.