Waste management project's alternatives: A risk-based multi-criteria assessment (RBMCA) approach

Journal Article · Sun Jan 15 04:00:00 EST 2012 · Waste Management

DOI:https://doi.org/10.1016/j.wasman.2011.09.001· OSTI ID:21612935

Sotirchos, Anastasios ^[1]; Aravossis, Konstantinos ^[1]

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1. 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, Journal Name: Waste Management Journal Issue: 1 Vol. 32; ISSN WAMAE2; ISSN 0956-053X
• Country of Publication: United States
• Language: English

Related Subjects

12 MANAGEMENT OF RADIOACTIVE AND NON-RADIOACTIVE WASTES FROM NUCLEAR FACILITIES
CHEMICAL REACTIONS
COMBUSTION
COMPUTERIZED SIMULATION
COST BENEFIT ANALYSIS
DISTRIBUTION FUNCTIONS
ECONOMIC ANALYSIS
ECONOMICS
EVALUATION
FUNCTIONS
INVESTMENT
MANAGEMENT
OXIDATION
PROBABILITY
RISK ASSESSMENT
SIMULATION
THERMOCHEMICAL PROCESSES
WASTE MANAGEMENT