Fuzzy economical analysis of cogeneration project

This paper presents fuzzy net present value and pay back year models as decision measures for cogeneration program decision-making. The current paper verifies the performance of the proposed models by considering a cogeneration program in a petrochemical industry. It is shown that the developed concepts are straightforward and easily implemented compared to the fuzzy ranking methods proposed in previous studies. Furthermore, the developed methods serve as readily implemented sensitivity analysis tools for use in the arena of uncertain decision-making.