Engineering economic analyses using intuitionistic and hesitant fuzzy sets

Abstract

Engineering economics deals with the investment decisions based on the time value of money. In the real life conditions, the exact estimations of investment parameters are almost impossible. Probabilistic analyses are preferred when sufficient data are available for the estimation of these parameters. Possibilistic analyses should be used when insufficient data exist for the estimation. This paper develops both fuzzy present worth and annual worth analyses using the extensions of fuzzy sets, which are namely intuitionistics fuzzy sets and hesitant fuzzy sets. Each of these extended fuzzy sets is also divided into four subtitles with respect to the types of the data in these economic analyses: Triangular hesitant fuzzy data, triangular intuitionistic fuzzy data, interval-valued hesitant data, and interval-valued intuitionistic fuzzy data. The numerical examples illustrate the applications of the developed analyses.