Ranking projects for an electricity utility using ELECTRE III

Ranking projects for an electricity utility using ELECTRE III

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Article ID: iaor20082594
Country: United Kingdom
Volume: 14
Issue: 4
Start Page Number: 309
End Page Number: 323
Publication Date: Jul 2007
Journal: International Transactions in Operational Research
Authors: ,
Keywords: decision theory: multiple criteria, energy
Abstract:

Ranking and selecting projects is a common yet often difficult task with typically more than one dimension for measuring project impacts and more than one decision maker. We describe a project selection methodology developed and used since 1998 for Mighty River Power, a New Zealand electricity generator, which incorporates the ELECTRE III decision support tool. Although several other multiple criteria approaches could have been used, features of ELECTRE III such as outranking, and indifference and preference thresholds were well received by our decision makers. More than the use of a specific decision support tool, we focus particularly on the successful implementation of a simple, structured multicriteria methodology for a yearly project selection exercise and document this over 8 years in a changing managerial context.

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