Economic Evaluation of Projects under Uncertainty Using Fuzzy Logic, Analytical Hierarchy Process and Binary Integer Programming

One of the most important economic project evaluation methods and the comparison between them is current values. This method is one of the most important and the simplest techniques in engineering economy. The calculation of the present value of the traditional methods to compare projects is not enough because it does not consider a major uncertainty factor. In this paper, we present an approach for the selection of projects by using current value. In order to include the uncertainties in the problem, fuzzy logic is used. Then, using analytic hierarchy process and binary integer programming with respect to the other objectives of the project, the most economical project was chosen. This model considers qualitative and quantitative objective and uncertainty to select the best projects in real-world situations.