Assigning the right member to the most suitable position is key to the success of a project, and this task has been commonly executed by the project manager based on personal judgment in practice. This paper proposes a matching approach coupled with a revised Hungarian algorithm for optimizing the cost-time project assignment problem. The approach iteratively searches for the augmenting path concerning the current matching rather than solving the entire problem repeatedly. This unique feature greatly reduces the computation efforts. Problems of different sizes and sample ranges are simulated using the proposed technique and G&N's method. Results show that the presented algorithm excels the previous approach in not only producing a lower bound for the project time but also in reaching the optimal solution using much less computing time.