Improving biomass project economic evaluations with the use of fuzzy modeling
- Decision Analysis Corporation, Vienna, VA (United States)
This paper discusses the use of fuzzy modeling for improving economic feasibility evaluations of biomass power generation projects. Fuzzy logic, in concert with traditional financial and economic concepts, provides a powerful tool for incorporating qualitative and uncertain information into the evaluation framework. The paper first describes the basic elements of fuzzy logic - fuzzy set theory and verbal rules. Through the modeling process, these elements form a language-based representation of complex business problems. An example of a simple fuzzy investment decision expert system is then provided to demonstrate the mechanics of fuzzy model development. The example shows how multiple expert opinions and confidence in profitability measures can be modeled using fuzzy concepts. Finally, generic applications of fuzzy modeling to the investment decisionmaking process are discussed.
- OSTI ID:
- 135678
- Report Number(s):
- CONF-9410176--
- Country of Publication:
- United States
- Language:
- English
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