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Fuzzy Approach to Determine Optimum Economic Life of Equipment with Change in Money Value

  • M. Balaganesan
  • K. GanesanEmail author
Conference paper
Part of the Advances in Intelligent Systems and Computing book series (AISC, volume 1040)

Abstract

One of the most pragmatic and topical areas of engineering economics is replacement analysis. Fuzzy set theory is the main tool which has been applied in many real-life applications to tackle the dubiousness situation. The aim of this paper is to determine the optimal replacement period of equipment with imprecise costs. In this problem, all these imprecise costs are taken as trapezoidal fuzzy numbers. Also, the proposed method provides fuzzy optimal solution of replacement model without converting to a classical model. A numerical example is illustrated to validate the proposed method.

Keywords

Fuzzy set Trapezoidal fuzzy number Ranking Fuzzy arithmetic Fuzzy replacement model 

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Copyright information

© Springer Nature Singapore Pte Ltd. 2020

Authors and Affiliations

  1. 1.Department of Mathematics, Faculty of Engineering and TechnologySRM Institute of Science and TechnologyChennaiIndia

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