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.
Pub. online:4 Feb 2022Type:Research ArticleOpen Access
Volume 33, Issue 1 (2022), pp. 1–33
In Quality function deployment (QFD) approach, customers tend to express their needs in linguistic terms rather than exact numerical values and these needs generally contain vague and imprecise information. To overcome this challenge and to use the method more effectively for complex customer-oriented design problems, this paper introduces a novel intuitionistic Z-fuzzy QFD method based on Chebyshev’s inequality (CI) and applies it for a new product design. CI provides the assignment of a more objective reliability function. The reliability value is based on the maximum probability obtained from CI. Then, the expected values of lower and upper bounds of interval-valued intuitionistic fuzzy (IVIF) numbers are determined. A competitive analysis among our firm and competitor firms and an integrative analysis for the different functions of QFD is presented. The proposed Z-fuzzy QFD method is applied to the design and development of a hand sanitizer for struggling with COVID-19.
Pub. online:27 Mar 2020Type:Research ArticleOpen Access
Volume 31, Issue 2 (2020), pp. 399–433
In this paper, we develop a new flexible method for interval-valued intuitionistic fuzzy decision-making problems with cosine similarity measure. We first introduce the interval-valued intuitionistic fuzzy cosine similarity measure based on the notion of the weighted reduced intuitionistic fuzzy sets. With this cosine similarity measure, we are able to accommodate the attitudinal character of decision-makers in the similarity measuring process. We study some of its essential properties and propose the weighted interval-valued intuitionistic fuzzy cosine similarity measure.
Further, the work uses the idea of GOWA operator to develop the ordered weighted interval-valued intuitionistic fuzzy cosine similarity (OWIVIFCS) measure based on the weighted reduced intuitionistic fuzzy sets. The main advantage of the OWIVIFCS measure is that it provides a parameterized family of cosine similarity measures for interval-valued intuitionistic fuzzy sets and considers different scenarios depending on the attitude of the decision-makers. The measure is demonstrated to satisfy some essential properties, which prepare the ground for applications in different areas. In addition, we define the quasi-ordered weighted interval-valued intuitionistic fuzzy cosine similarity (quasi-OWIVIFCS) measure. It includes a wide range of particular cases such as OWIVIFCS measure, trigonometric-OWIVIFCS measure, exponential-OWIVIFCS measure, radical-OWIVIFCS measure. Finally, the study uses the OWIVIFCS measure to develop a new decision-making method to solve real-world decision problems with interval-valued intuitionistic fuzzy information. A real-life numerical example of contractor selection is also given to demonstrate the effectiveness of the developed approach in solving real-life problems.
Pub. online:1 Jan 2016Type:Research ArticleOpen Access
Volume 27, Issue 1 (2016), pp. 203–229
This paper reviews the existing definitions and formulas of entropy for interval-valued intuitionistic fuzzy sets (IVIFSs) and demonstrates that they cannot fully capture the uncertainty of IVIFSs. Then considering both fuzziness and intuitionism of IVIFSs, we introduce a novel axiomatic definition of entropy for IVIFSs and develop several entropy formulas. Example analyses show that the developed entropy formulas can fully reflect both fuzziness and intuitionism of IVIFSs. Furthermore, based on the entropy formulas of IVIFSs, a method is proposed to solve multi-attribute decision making problems with IVIFSs. Additionally, an investment alternative selection example is provided to validate the practicality and effectiveness of the method.