A fuzzy evaluation model of manufacturing machinery in terms of sustainable business

Simona Hašková (), Marek Vochozka () and Jiří Kučera ()
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Simona Hašková: Institute of Technology and Business in České Budějovice, Czech Republic
Marek Vochozka: Institute of Technology and Business in České Budějovice, Czech Republic
Jiří Kučera: Institute of Technology and Business in České Budějovice, Czech Republic

Entrepreneurship and Sustainability Issues, 2023, vol. 10, issue 4, 71-88

Abstract: The inclusion of sustainability criteria in the investment decision processes requires application of tools that consider the vague nature of sustainable characteristics. Fuzzy approach can process the vagueness of sustainability measures. The aim of the paper is to develop a suitable model of the fuzzy assessment of investment alternatives measured by Sustainability Utility Index. Its scheme is described methodologically as a three-stage system of multi-criteria ex-ante evaluation. An algorithmic conception of the system is performed at its third stage by a "fuzzy processor". The fuzzy model is applied to the task of the optimal type of building machinery selection in view of the cost and sustainable criteria. The results enable the manager to optimize his/her decision, who aims to minimize the investment and operation costs of the building machinery. Compared to the fuzzy approach based on Mandani's system, our model avoids several complications associated with the semantics of fuzzy implications in various fuzzy logics, it is more user friendly and easily algorithmized. This model is thus suitable to apply not only in corporate sphere but also in areas of ecology, sociology, economics. The limits of the fuzzy system are twofold - on the general level the fuzzy systems lack the ability to learn and memorize; determining or tuning a suitable membership function and fuzzy rules is not always clear. The challenge is first to test the model in the corporate sphere and second to acquaint potential users with this computationally undemanding fuzzy procedure.

Keywords: multi-criteria decision-making; corporate production; ex-ante evaluation; fuzzy processor; fuzzification table; sustainability utility index (search for similar items in EconPapers)
JEL-codes: D25 E22 G11 G31 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ssi:jouesi:v:10:y:2023:i:4:p:71-88

DOI: 10.9770/jesi.2023.10.4(5)

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