Justi"cation of manufacturing technologies using fuzzy bene"t/cost ratio analysis
نویسندگان
چکیده
The application of discounted cash #ow techniques for justifying manufacturing technologies is studied in many papers. State-price net present value and stochastic net present value are two examples of these applications. These applications are based on the data under certainty or risk. When we have vague data such as interest rate and cash #ow to apply discounted cash #ow techniques, the fuzzy set theory can be used to handle this vagueness. The fuzzy set theory has the capability of representing vague data and allows mathematical operators and programming to apply to the fuzzy domain. The theory is primarily concerned with quantifying the vagueness in human thoughts and perceptions. In this paper, assuming that we have vague data, the fuzzy bene"t}cost (B/C) ratio method is used to justify manufacturing technologies. After calculating the B/C ratio based on fuzzy equivalent uniform annual value, we compare two assembly manufacturing systems having di!erent life cycles. ( 2000 Elsevier Science B.V. All rights reserved.
منابع مشابه
Using Hedonic Property Models to Value Public Water Bodies: A Note Regarding Specification Issues by
The hedonic literature has established that public water bodies provide external bene ts that are reected in the value of nearby residential real estate. The literature has employed several approaches to quantify these nonmarket services. With a residential hedonic model, this paper tests whether model speci cation a¤ects resource valuation using an actively managed reservoir in Indiana and a ...
متن کاملJusti cation of Heuristic Methods in Data Processing Using Fuzzy Theory, with Applications to Detection of Business Cycles From Fuzzy Data
In this paper, we show that fuzzy theory can explain heuristic methods in inverse problems and numerical computations. As an example of application of these results, we analyze the problem of detecting business cycles from fuzzy data.
متن کاملA Critique of Putnam s Principle of the Bene t of Doubt
The Principle of the Bene t of Doubt dictates that whenever reasonably possible we interpret earlier day scientists as referring to entities posited by current science Putnam has presented the principle as supplementary to his Causal Theory of Reference in order to make this theory generally applicable to scienti c terms The present paper argues that the principle is of doubtful standing In par...
متن کاملFuzzy multi-criteria decision-making procedure for evaluating advanced manufacturing system investments
In this paper, a fuzzy decision algorithm is proposed to select the most suitable advanced manufacturing system (AMS) alternative from a set of mutually exclusive alternatives. Both economic evaluation criterion and strategic criteria such as #exibility, quality improvement, which are not quantitative in nature, are considered for selection. The economic aspects of the AMS selection process are...
متن کاملSocial Willingness to Pay, Mortality Risks and Contingent Valuation
The Willingness-to-Pay approach is the basic justi...cation for the use of the Contingent Valuation method to evaluate public mortality risk reduction programs. However, aggregating unweighted willingness-to-pay is a valid method only when individuals have the same marginal value of money, an unrealistic assumption in the presence of heterogeneity. We show that heterogeneity on wealth and basel...
متن کامل