Waste management project's alternatives: A risk-based multi-criteria assessment (RBMCA) approach
- National Technical University of Athens, School of Mechanical Engineering, Sector of Industrial Management and Operational Research, Athens (Greece)
Highlights: Black-Right-Pointing-Pointer We examine the evaluation of a waste management project's alternatives. Black-Right-Pointing-Pointer We present a novel risk-based multi-criteria assessment (RBMCA) approach. Black-Right-Pointing-Pointer In the RBMCA the evaluation criteria are based on the quantitative risk analysis of the project's alternatives. Black-Right-Pointing-Pointer Correlation between the criteria weight values and the decision makers' risk preferences is examined. Black-Right-Pointing-Pointer Preference to the multi-criteria against the one-criterion evaluation process is discussed. - Abstract: This paper examines the evaluation of a waste management project's alternatives through a quantitative risk analysis. Cost benefit analysis is a widely used method, in which the investments are mainly assessed through the calculation of their evaluation indicators, namely benefit/cost (B/C) ratios, as well as the quantification of their financial, technical, environmental and social risks. Herein, a novel approach in the form of risk-based multi-criteria assessment (RBMCA) is introduced, which can be used by decision makers, in order to select the optimum alternative of a waste management project. Specifically, decision makers use multiple criteria, which are based on the cumulative probability distribution functions of the alternatives' B/C ratios. The RBMCA system is used for the evaluation of a waste incineration project's alternatives, where the correlation between the criteria weight values and the decision makers' risk preferences is analyzed and useful conclusions are discussed.
- OSTI ID:
- 21612935
- Journal Information:
- Waste Management, Vol. 32, Issue 1; Other Information: DOI: 10.1016/j.wasman.2011.09.001; PII: S0956-053X(11)00378-3; Copyright (c) 2011 Elsevier Science B.V., Amsterdam, The Netherlands, All rights reserved.; Country of input: International Atomic Energy Agency (IAEA); ISSN 0956-053X
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
COMBUSTION
COMPUTERIZED SIMULATION
COST BENEFIT ANALYSIS
DISTRIBUTION FUNCTIONS
EVALUATION
INVESTMENT
PROBABILITY
RISK ASSESSMENT
WASTE MANAGEMENT
CHEMICAL REACTIONS
ECONOMIC ANALYSIS
ECONOMICS
FUNCTIONS
MANAGEMENT
OXIDATION
SIMULATION
THERMOCHEMICAL PROCESSES