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Article: Evaluation methodologies for technology selection

TitleEvaluation methodologies for technology selection
Authors
Issue Date2000
PublisherElsevier SA. The Journal's web site is located at http://www.elsevier.com/locate/jmatprotec
Citation
Journal Of Materials Processing Technology, 2000, v. 107 n. 1-3, p. 330-337 How to Cite?
AbstractThis paper presents a technology selection algorithm to quantify both tangible and intangible benefits in fuzzy environment. Specifically, it describes an application of the theory of fuzzy sets to hierarchical structural analysis and economic evaluations. From the analytical point of view, decision-makers are asked to express their opinions on comparative importance of various factors in linguistic terms rather than exact numerical values. These linguistic variable scales, such as 'very high', 'high', 'medium', 'low' and 'very low', are then converted into fuzzy numbers, since it becomes more meaningful to quantify a subjective measurement into a range rather than in an exact value. By aggregating the hierarchy, the preferential weight of each alternative technology is found, which is called fuzzy appropriate index. The fuzzy appropriate indices of different technologies are then ranked and preferential ranking orders of technologies are found. From the economic evaluation perspective, a fuzzy cash flow analysis is employed. Since conventional engineering economic analysis involves uncertainty about future cash flows where cash flows are defined as either crisp numbers or risky probability distributions, the results of analysis may obscure. To deal quantitatively with imprecision or uncertainty, cash flows are modeled as triangular fuzzy numbers which represent 'the most likely possible value', 'the most pessimistic value' and 'the most optimistic value'. By using this algorithm, the ambiguities involved in the assessment data can be effectively represented and processed to assure a more convincing and effective decision-making.
Persistent Identifierhttp://hdl.handle.net/10722/74379
ISSN
2015 Impact Factor: 2.359
2015 SCImago Journal Rankings: 1.464
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorChan, FTSen_HK
dc.contributor.authorChan, MHen_HK
dc.contributor.authorTang, NKHen_HK
dc.date.accessioned2010-09-06T07:00:45Z-
dc.date.available2010-09-06T07:00:45Z-
dc.date.issued2000en_HK
dc.identifier.citationJournal Of Materials Processing Technology, 2000, v. 107 n. 1-3, p. 330-337en_HK
dc.identifier.issn0924-0136en_HK
dc.identifier.urihttp://hdl.handle.net/10722/74379-
dc.description.abstractThis paper presents a technology selection algorithm to quantify both tangible and intangible benefits in fuzzy environment. Specifically, it describes an application of the theory of fuzzy sets to hierarchical structural analysis and economic evaluations. From the analytical point of view, decision-makers are asked to express their opinions on comparative importance of various factors in linguistic terms rather than exact numerical values. These linguistic variable scales, such as 'very high', 'high', 'medium', 'low' and 'very low', are then converted into fuzzy numbers, since it becomes more meaningful to quantify a subjective measurement into a range rather than in an exact value. By aggregating the hierarchy, the preferential weight of each alternative technology is found, which is called fuzzy appropriate index. The fuzzy appropriate indices of different technologies are then ranked and preferential ranking orders of technologies are found. From the economic evaluation perspective, a fuzzy cash flow analysis is employed. Since conventional engineering economic analysis involves uncertainty about future cash flows where cash flows are defined as either crisp numbers or risky probability distributions, the results of analysis may obscure. To deal quantitatively with imprecision or uncertainty, cash flows are modeled as triangular fuzzy numbers which represent 'the most likely possible value', 'the most pessimistic value' and 'the most optimistic value'. By using this algorithm, the ambiguities involved in the assessment data can be effectively represented and processed to assure a more convincing and effective decision-making.en_HK
dc.languageengen_HK
dc.publisherElsevier SA. The Journal's web site is located at http://www.elsevier.com/locate/jmatprotecen_HK
dc.relation.ispartofJournal of Materials Processing Technologyen_HK
dc.titleEvaluation methodologies for technology selectionen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0924-0136&volume=107&issue=1-3&spage=330&epage=337&date=2000&atitle=Evaluation+methodologies+for+technology+selectionen_HK
dc.identifier.emailChan, FTS: ftschan@hkucc.hku.hken_HK
dc.identifier.authorityChan, FTS=rp00090en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/S0924-0136(00)00679-8en_HK
dc.identifier.scopuseid_2-s2.0-0034316351en_HK
dc.identifier.hkuros63044en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0034316351&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume107en_HK
dc.identifier.issue1-3en_HK
dc.identifier.spage330en_HK
dc.identifier.epage337en_HK
dc.identifier.isiWOS:000165670200045-
dc.publisher.placeSwitzerlanden_HK
dc.identifier.scopusauthoridChan, FTS=7202586517en_HK
dc.identifier.scopusauthoridChan, MH=36941296800en_HK
dc.identifier.scopusauthoridTang, NKH=7202344533en_HK

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