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M. El-Cheikh¹, D. Al Sheikh² and M. Burrow¹

¹School of Civil Engineering, University of Birmingham, England
²Civil Engineering Faculty, Tishreen University, Syria

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

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.

The applicability of the proposed model is illustrated by a case study taken from the railway industry.

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Front Page Browse CCP CSETS CTR IJRT Other Authors Search Purchase Guide FAQ Contact us	International Journal of Railway Technology ISSN 2049-5358 IJRT, Volume 2, Issue 1, 2013 Project Appraisal of Rail Projects using Fuzzy Sets Theory M. El-Cheikh¹, D. Al Sheikh² and M. Burrow¹ ¹School of Civil Engineering, University of Birmingham, England ²Civil Engineering Faculty, Tishreen University, Syria doi:10.4203/ijrt.2.1.2 purchase the full-text of this paper Full Bibliographic Reference for this paper M. El-Cheikh, D. Al Sheikh, M. Burrow, "Project Appraisal of Rail Projects using Fuzzy Sets Theory", International Journal of Railway Technology, 2(1), 39-62, 2013. doi:10.4203/ijrt.2.1.2 Keywords: fuzzy alpha-cut, fuzzy benefit-cost ratio, fuzzy future worth, fuzzy possibility theory, fuzzy present worth, fuzzy sets theory, plausible range. 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. The applicability of the proposed model is illustrated by a case study taken from the railway industry. purchase the full-text of this paper (price £20) go to the previous paper go to the next paper return to the table of contents return to IJRT purchase this issue (price £70 +P&P)
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