{"title":"Implementation of Intuitionistic Fuzzy Approach in Maximizing Net Present Value","authors":"Gaurav Kumar, Rakesh Kumar Bajaj","volume":91,"journal":"International Journal of Mathematical and Computational Sciences","pagesStart":1069,"pagesEnd":1074,"ISSN":"1307-6892","URL":"https:\/\/publications.waset.org\/pdf\/9999259","abstract":"

The applicability of Net Present Value (NPV) in an
\r\ninvestment project is becoming more and more popular in the field
\r\nof engineering economics. The classical NPV methodology involves
\r\nonly the precise and accurate data of the investment project. In the
\r\npresent communication, we give a new mathematical model for NPV
\r\nwhich uses the concept of intuitionistic fuzzy set theory. The proposed
\r\nmodel is based on triangular intuitionistic fuzzy number, which may
\r\nbe known as Intuitionistic Fuzzy Net Present Value (IFNPV). The
\r\nmodel has been applied to an example and the results are presented.<\/p>\r\n","references":" Van Groenendaal. W, Kleijnen. J (2002),Deterministic versus stochastic\r\nsensitivity analysis in investment problems: an environmental case study,\r\nEuropean Journal of Operational Research, 2002, Vol. 141, 820.\r\n Biezma. M.V, San Cristobal. J.R, Investment criteria for the selection\r\nof cogeneration plants a state of the art review, Applied Thermal\r\nEngineering, 2006, 583-588.\r\n M. Mika , G. Waligora, and J. Weglarz, Simulated annealing and\r\ntabu search for multi-mode resource-constrained project scheduling with\r\npositive discounted cash flows and different payment models, European\r\nJournal of Operational Research, 2005, 639668.\r\n G.Waligora, Discretecontinuous project scheduling with discounted cash\r\nflowsA tabu search approach,Computers and Operations Research, 2008,\r\n21412153.\r\n Rafiee, M. and Kianfar, A scenario tree approach to multi-period project\r\nselection problem using real-option valuation method,The International\r\nJournal of Advanced Manufacturing Technology, 2007, 411.\r\n Gutjahr, W.J, Katzensteiner, S. Reiter, P. Stummer, C. and Denk,\r\nCompetence-driven project portfolio selection, scheduling and staff\r\nassignment,Central European Journal of Operational Research, 2008,\r\n281-306.\r\n Kahraman, C., Ruan, D. and Tolga, E., Capital budgeting techniques\r\nusing discounted fuzzy versus probabilistic cash flows, Information\r\nSciences, 2002, 57-76.\r\n Majid Shahriari, Mapping Fuzzy Approach in Engineering Economics,\r\nInternational Research Journal of Finance and Economics, 2011, ISSN\r\n1450-2887, Issue 81.\r\n Sheen, J.N. , Fuzzy evaluation of co-generation alternatives\r\nin a petrochemical industry, Computers and Mathematics with\r\nApplications,2005, 741-755.\r\n Chiu C.Y. and Park, C.S. , Fuzzy cash flow analysis using present worth\r\ncriterion, The Engineering Economist, 1994, 113-138.\r\n Gutirrez, I. , Fuzzy numbers and net present value, Scandinavian Journal\r\nof Management, 1989, 149-159.\r\n C.S. Sung and S.K. Lim, A project activity scheduling problem with\r\nnet present value measure, Int. J. Production Economics, Dec 1994,\r\n177-187.\r\n A. Nagoorgani and K. Ponnalagu, A New Approach on Solving\r\nIntuitionistic Fuzzy Linear Programming Problem. Applied\r\nMathematical Sciences, 2012, 3467 - 3474.\r\n J. Buckley, The fuzzy mathematics of finance,Fuzzy Set. Syst., 1987,\r\n257-273.\r\n H. Dourra, and P. Siy, Investment using technical analysis and fuzzy\r\nlogic,Fuzzy Set. Syst., 2002, 221-240.\r\n D. Kuchta, Fuzzy capital budgeting, Fuzzy Set. Syst., 2000, vol. 111, no.\r\n3, 367-385.\r\n K.T. Atanassov, Intuitionistic fuzzy sets. Fuzzy Sets and Systems, 1986,\r\n87-96.\r\n E. Szmidt, J. Kacrzyk, Distances between intuitionistic fuzzy sets, Fuzzy\r\nSets and Systems, 2000, 505518.\r\n A.H.Russel, Cash Flows in Networks, Management Science, 1970,\r\n357-373.\r\n Montevechi. J. A, Pamplona. E. O, Sanches. A. L , Capital\r\nBudgeting Using Triangular Fuzzy Numbers,V Encuentro Internacional\r\nde Finanzas, Santiago, Chile, 2005, 19 a 21 de janeiro.\r\n Zadeh L., Fuzzy sets, Inform. Control, 1965, 8, 338-356.\r\n Irem UCAL ,Dorota KUCHTA , Project Scheduling to maximize Fuzzy\r\nNet Present Value,Proceedings of the World Congress on Engineering,\r\nLondon,2011","publisher":"World Academy of Science, Engineering and Technology","index":"Open Science Index 91, 2014"}