Project Appraisal of Rail Projects Using Fuzzy Sets Theory

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Authors

Abstract

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.

Details

Original languageEnglish
Pages (from-to)39-62
JournalThe International Journal of Railway Technology
Volume2
Issue number1
Publication statusPublished - 2013

Keywords

  • fuzzy alpha-cut, plausible range, fuzzy sets theory, fuzzy present worth, fuzzy possibility theory, fuzzy benefit-cost ratio, fuzzy future worth