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Fuzzy financial decision-making: load management programs case study

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1 Author(s)
J. N. Sheen ; Dept. of Electr. Eng., Cheng-Shiu Univ., Kaohsiung, Taiwan

This paper derives two fuzzy financial profitability models, namely, a least cost solution model and a cost-benefit analysis model, to evaluate the fuzzy financial profitability of load management alternatives. A straightforward vertex parameters' fuzzy mathematics operation using the function principle is derived as an alternative to the traditional extension principle and is applied to evaluate a number of different financial decision indexes. Compared to the extension principle, the function principle is simple to implement and is conceptually straightforward. The geometric moments of the fuzzy financial indexes are established in order to determine their relative ranking as part of a decision-making process. The performances of the proposed fuzzy financial models are verified by considering their application to two practical load management programs in Taiwan, namely, a cooling energy storage air conditioner and a cogeneration project. These investigations not only confirm that the results of the fuzzy financial models are consistent with those of the conventional crisp models but also demonstrate that the proposed models are more flexible, intelligent, and computationally efficient compared to the extension principle fuzzy mathematics approach. The developed models represent readily implemented possibility analysis tools for use in the arena of uncertain financial decision-making.

Published in:

IEEE Transactions on Power Systems  (Volume:20 ,  Issue: 4 )