Abstract
Investment planning is a part of investment analysis that contains real investments, such as machines, lands, a new plant, a new ERP system implementation etc. Investment analysis concerns evaluation and comparison of the investment projects. In the planning phase timing is the important point to execute the project. A production system is an aggregation of equipment, people and procedures to perform the manufacturing operations of a company. Production systems can be divided into categories named facilities and manufacturing support systems. The facilities of the production system consist of the factory, the equipment, and the way the equipment is organized. In this chapter, the components of investment planning are given. Then, the fuzziness of the investment is presented. Fuzzy present worth, fuzzy annual worth, fuzzy rate of return analysis, fuzzy B/C ratio, fuzzy replacement analysis and fuzzy payback period techniques -performed in this chapter- are fuzzy investment analysis techniques. At the last section application of these techniques are subjected.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Baas, S.M., Kwakernaak, H.: Rating and ranking multiple aspect alternatives using fuzzy sets. Automatica 13, 47–58 (1977)
Blank, L.T., Tarquin, A.J.: Engineering economy, 4th edn. McGraw Hill Inc., New York (1998)
Buckley, J.J.: The fuzzy mathematics of finance. Fuzzy Sets and Systems 21, 257–273 (1987)
Chan, F.T.S., Chan, M.H., Tang, N.K.H.: Evaluation for technology selection. Journal of Material Technology 107, 330–337 (2000)
Chang, W.: Ranking of fuzzy utilities with triangular membership functions. In: Proceedings of the International Conference of Policy Anal. and Inf. Systems, pp. 263–272 (1981)
Chen, S.J., Hwang, C.L.: Fuzzy Multiple Attribute Decision Making Methods and Application. Springer, New York (1992)
Chiu, C.Y., Park, C.S.: Fuzzy cash flow analysis using present worth criterion. The Engineering Economist 39(2), 113–138 (1994)
Dimitrovski, A., Matos, M.: Fuzzy present worth analysis with correlated and uncorrelated cash flows. In: Kahraman, C. (ed.) Fuzzy Engineering Economics with Applications. Springer, Heidelberg (2008)
Dubois, D., Prade, H.: Ranking fuzzy numbers in the settings of possibility theory. Information Sciences 30, 183–224 (1983)
Groover, M.G.: Automation, production systems, and computer-integrated manufacturing, 3rd edn. Pearson Education Inc., New Jersey (2008)
Güvemli, O.: Yatırım projelerinin düzenlenmesi ve değerlendirilmesi. Çağlayan Kitabevi, Istanbul (1979) (in Turkish)
Hubbard, D.: How to measure anything: finding the value of intangibles in business. John Wiley & Sons, New Jersey (2007)
Jain, R.: Decision-making in the presence of fuzzy variables. IEEE Transactions on Systems, Man, and Cybernetics 6, 693–703 (1976)
Kahraman, C., Kaya, İ.: Fuzzy benefit/cost analysis and applications. In: Kahraman, C. (ed.) Fuzzy Engineering Economics with Applications. Springer, Heidelberg (2008)
Kahraman, C., Ruan, D., Tolga, E.: Capital budgeting techniques using discounted fuzzy versus probabilistic cash flows. Information Sciences 142(1-4), 57–76 (2002)
Kahraman, C., Tolga, A.C.: An alternative ranking approach and its usage in multicriteria decision making. International Journal of Computer Intelligence Systems 2(3), 219–235 (2009)
Kaufmann, A., Gupta, M.M.: Fuzzy mathematical models in engineering and management science. Elsevier, Amsterdam (1988)
Kuchta, D.: Fuzzy capital budgeting. Fuzzy Sets and Systems 111, 367–385 (2000)
Kuchta, D.: A fuzzy model for R&D project selection with benefit, outcome and resource interactions. The Engineering Economist 46(3), 164–180 (2001)
Kuchta, D.: Fuzzy rate of return analysis and applications. In: Kahraman, C. (ed.) Fuzzy Engineering Economics with Applications. Springer, Heidelberg (2008a)
Kuchta, D.: Optimization with fuzzy present worth analysis and applications. In: Kahraman, C. (ed.) Fuzzy Engineering Economics with Applications. Springer, Heidelberg (2008b)
Liou, T.S., Chen, C.W.: Fuzzy decision analysis for alternative selection using a fuzzy annual worth criterion. The Engineering Economist 51, 19–34 (2007)
Park, C.S., Sharp-Bette, G.P.: Advanced engineering economics. John Wiley and Sons Inc., New York (1990)
Rebiasz, B.: Fuzziness and randomness in investment project risk appraisal. Computers & Operations Research 34(1), 199–210 (2007)
Sewastjanow, P., Dymowa, L.: On the fuzzy internal rate of return. In: Kahraman, C. (ed.) Fuzzy Engineering Economics with Applications. Springer, Heidelberg (2008)
Sharpe, W.F., Alexander, G.J., Bailey, J.V.: Investments, 6th edn. Prentice Hall, New Jersey (1999)
Ward, T.L.: Discounted fuzzy cash flow analysis. In: Proceedings of 1985 Fall Industrial Engineering Conference, Institute of Industrial Engineers, pp. 476–481 (1985)
Yager, R.R.: On choosing between fuzzy subsets. Cybernetics 9, 151–154 (1980)
Zadeh, L.A.: Fuzzy sets. Information and Control 8(3), 338–353 (1965)
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2010 Springer-Verlag Berlin Heidelberg
About this chapter
Cite this chapter
Kahraman, C., Tolga, A.Ç. (2010). Fuzzy Investment Planning and Analyses in Production Systems. In: Kahraman, C., Yavuz, M. (eds) Production Engineering and Management under Fuzziness. Studies in Fuzziness and Soft Computing, vol 252. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-12052-7_12
Download citation
DOI: https://doi.org/10.1007/978-3-642-12052-7_12
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-12051-0
Online ISBN: 978-3-642-12052-7
eBook Packages: EngineeringEngineering (R0)