Abstract
This study aimed at introducing a fuzzy net present value (FNPV) approach to evaluate the build–operate–transfer (BOT) sport facilities in Taiwan that allowed the net cash inflows and the required rates of returns in different time periods to be treated as fuzzy numbers in which these two fuzzy parameters could better reflect the uncertainty in the BOT project, especially for the case of BOT evaluation with quite long concession periods. In this fuzzy model, the attitude of sport facility financial manager toward risk was also described by various λ levels. The results showed that the proposed FNPV model could compensate for the shortcomings of the oversimplified traditional net present value (NPV) model and provide the project financial managers with more flexible decision-making criteria of financial valuation in the practical application.
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