title: Waste management project's alternatives: A risk-based multi-criteria assessment (RBMCA) approach.
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.
authors: National Technical University of Athens, School of Mechanical Engineering, Sector of Industrial Management and Operational Research, Athens, Greece. athkarmp@mail.ntua.gr
authors: Athanasios C
authors: AC
authors: Karmperis
authors: Anastasios
authors: A
authors: Sotirchos
authors: Konstantinos
authors: K
authors: Aravossis
authors: Ilias P
authors: IP
authors: Tatsiopoulos
mesh_terms: D003362:Cost-Benefit Analysis; D003661:Decision Support Techniques; D009010:Monte Carlo Method; D018570:Risk Assessment; D018505:Waste Management