Abstract

The fuzzy modified net present value (Fuzzy MNPV) method for evaluation of non-conventional investment projects under uncertainty explicitly provided for the use of the opportunity costs associated with the interim cash flows of an investment project and eliminated the major problems of traditional capital budgeting methods. Based on the same assumptions that guided the development of that method, the current paper presents a unified capital budgeting solution, consisting of the modified internal rate of return (Fuzzy MIRR), the modified profitability index (Fuzzy MPI), and the modified total payback (Fuzzy MTPB). These methods are MNPV-consistent, maximize shareholder wealth and always lead to the same conditions of acceptance or rejection of investment projects.

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