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International Journal of Railway Technology
ISSN 2049-5358
IJRT, Volume 2, Issue 1, 2013
Project Appraisal of Rail Projects using Fuzzy Sets Theory
M. El-Cheikh1, D. Al Sheikh2 and M. Burrow1

1School of Civil Engineering, University of Birmingham, England
2Civil Engineering Faculty, Tishreen University, Syria

Full Bibliographic Reference for this paper
M. El-Cheikh, D. Al Sheikh, M. Burrow, "Project Appraisal of Rail Projects using Fuzzy Sets Theory", International Journal of Railway Technology, 2(1), 39-62, 2013. doi:10.4203/ijrt.2.1.2
Keywords: fuzzy alpha-cut, fuzzy benefit-cost ratio, fuzzy future worth, fuzzy possibility theory, fuzzy present worth, fuzzy sets theory, plausible range.

Abstract
There are significant uncertainties associated with the economic evaluation of infrastructure projects and as a result methods have been developed to help quantify and manage the associated risk. To address the limitations inherent in traditional methods this paper proposes a new mathematical model, based on fuzzy sets theory which can be used as a decision support tool to select the preferred investment option. Thus the developed method serves as a readily implemented sensitivity analysis tool for use in the arena of uncertain decision-making.

The applicability of the proposed model is illustrated by a case study taken from the railway industry.

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