Project Appraisal of Rail Projects Using Fuzzy Sets Theory

There are significant uncertainties associated with the economic evaluation of infrastructure projects and as a result methods have been developed to help quantify and manage the associated risk. To address the limitations inherent in traditional methods this paper proposes a new mathematical model, based on fuzzy sets theory which can be used as a decision support tool to select the preferred investment option. Thus the developed method serves as a readily implemented sensitivity analysis tool for use in the arena of uncertain decision-making.