Fuzzy Numbers and Fractional Programming in Making Decisions

Bogdana Stanojević (), Simona Dzitac and Ioan Dzitac
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Bogdana Stanojević: Mathematical Institute of the Serbian Academy of Science and Arts, Kneza Mihaila 36, 11000 Belgrade, Serbia
Simona Dzitac: Department of Energy Engineering, University of Oradea, Universitatii 1, 410087 Oradea, Romania
Ioan Dzitac: Aurel Vlaicu University of Arad, 310330 Arad, Elena Dragoi 2, Romania4Agora University of Oradea, 410526 Oradea, P-ta Tineretului 8, Romania5Department of Economic Informatics & Statistics, University of Craiova, 200585, Craiova, Str. A.I. Cuza, nr. 13, Romania

International Journal of Information Technology & Decision Making (IJITDM), 2020, vol. 19, issue 04, 1123-1147

Abstract: This study surveys the use of fuzzy numbers in classic optimization models, and its effects on making decisions. In a wide sense, mathematical programming is a collection of tools used in mathematical optimization to make good decisions. There are many sectors of economy that employ it. Finance and government, logistics and manufacturing, the distribution of the electrical power are worth to be first mentioned.When real life problems are modeled mathematically, there is always a trade-off between model’s accuracy and complexity. By this survey, we aim to present in a concise form some mathematical models from the literature together with the methods to solve them. We will focus mainly on fuzzy fractional programming problems. We will also refer to but not describe in detail the multi-criteria decision-making problems involving fuzzy numbers and linear fractional programming models.

Keywords: Fuzzy numbers; fuzzy optimization; linear fractional programming (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (2)

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DOI: 10.1142/S0219622020300037

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