A Study on Intuitionistic Fuzzy Replacement Model

Abstract

In this paper, a replacement problem is considered in which the capital cost, the
scrap value for the nth year, running cost for the nth year of equipment are imprecise. These
imprecise quantities are represented by triangular intuitionistic fuzzy numbers. It is
assumed that the maintenance cost increases with time and money value is not considered.
The optimum time of replacement of the item is to be found by the proposed approach.