Interval-Valued and Circular Intuitionistic Fuzzy Present Worth Analyses

Eda Boltürk*, Cengiz Kahraman

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

25 Citations (Scopus)


Present worth (PW) analysis is an important technique in engineering economics for investment analysis. The values of PW analysis parameters such as interest rate, first cost, salvage value and annual cash flow are generally estimated including some degree of uncertainty. In order to capture the vagueness in these parameters, fuzzy sets are often used in the literature. In this study, we introduce interval-valued intuitionistic fuzzy PW analysis and circular intuitionistic fuzzy PW analysis in order to handle the impreciseness in the estimation of PW analysis parameters. Circular intuitionistic fuzzy sets are the latest extension of intuitionistic fuzzy sets defining the uncertainty of membership and non-membership degrees through a circle whose radius is r. Thus, we develop new fuzzy extensions of PW analysis including the uncertainty of membership functions. The methods are given step by step and an application for water treatment device purchasing at a local municipality is illustrated in order to show their applicability. In addition, a multi-parameter sensitivity analysis is given. Finally, discussions and suggestions for future research are given in conclusion section.

Original languageEnglish
Pages (from-to)693-711
Number of pages19
Issue number4
Publication statusPublished - 2022

Bibliographical note

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  • Circular intuitionistic fuzzy sets
  • engineering economics
  • interval-valued intuitionistic fuzzy sets
  • Present Worth analysis


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