Engineering Economics Using Fuzzy Sets: A Literature Review

Abstract

Estimating the values of investment parameters in engineering economics is a fundamental issue which is based on human thoughts and judgments. It can be quietly difficult to make an investment decision especially in vague and indefinite environments. When a model is based on human thoughts, fuzzy logic offers excellent solutions in an environment of uncertainty. In addition, fuzzy logic can be an agreeable tool when no probabilities are accessible for states of nature, and when decisions are given under uncertainness. In this paper, the studies on engineering economics employing the extensions of fuzzy sets are summarized with a historical order. The future possible studies are suggested in the conclusion.