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Interval-Valued and Circular Intuitionistic Fuzzy Present Worth Analyses
Volume 33, Issue 4 (2022), pp. 693–711
Pub. online: 21 March 2022      Type: Research Article      Open accessOpen Access
Received
1 July 2021
Accepted
1 February 2022
Published
21 March 2022

Abstract

Present worth (PW) analysis is an important technique in engineering economics for investment analysis. The values of PW analysis parameters such as interest rate, first cost, salvage value and annual cash flow are generally estimated including some degree of uncertainty. In order to capture the vagueness in these parameters, fuzzy sets are often used in the literature. In this study, we introduce interval-valued intuitionistic fuzzy PW analysis and circular intuitionistic fuzzy PW analysis in order to handle the impreciseness in the estimation of PW analysis parameters. Circular intuitionistic fuzzy sets are the latest extension of intuitionistic fuzzy sets defining the uncertainty of membership and non-membership degrees through a circle whose radius is r. Thus, we develop new fuzzy extensions of PW analysis including the uncertainty of membership functions. The methods are given step by step and an application for water treatment device purchasing at a local municipality is illustrated in order to show their applicability. In addition, a multi-parameter sensitivity analysis is given. Finally, discussions and suggestions for future research are given in conclusion section.

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Biographies

Boltürk Eda
bolturk@itu.edu.tr

E. Boltürk received her BSc degree in industrial engineering from Istanbul Commerce University, Engineering and Design Faculty in Turkey, 2011. She received her MSc degree in industrial engineering at Istanbul Technical University, in 2013. She was a PhD student at Politecnico di Milano between 2013–2014. She received her PhD degree in Industrial Engineering at Istanbul Technical University on fuzzy extensions in decision making in 2019. Her research areas are fuzzy logic, decision making, engineering economics, forecasting and risk management. She published several papers in international journals and chapters in international books. She organized some international conferences on fuzzy logic.

Kahraman Cengiz
kahramanc@itu.edu.tr

C. Kahraman is a full professor at Istanbul Technical University. His research areas are engineering economics, quality management, statistical decision making, multicriteria decision making, and fuzzy decision making. He published about 300 international journal papers and about 200 conference papers. He became the guest editor of many international journals and the editor of many international books from Springer. He is a member of editorial boards of 20 international journals. He is the chair of INFUS International Conferences on fuzzy and intelligent systems ZS, Yager RR, some geometric aggregation operators based on intuitionistic fuzzy sets.


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Keywords
Present Worth analysis Circular intuitionistic fuzzy sets engineering economics interval-valued intuitionistic fuzzy sets

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