Composite decision support by combining cost-benefit and multi-criteria decision

Michael Bruhn Barfod; Kim Bang Salling; Steen Leleur

doi:10.1016/j.dss.2010.12.005.

Composite decision support by combining cost-benefit and multi-criteria decision

Michael Bruhn Barfod, Kim Bang Salling, Steen Leleur

Research output: Contribution to journal › Journal article › Research › peer-review

Abstract

This paper concerns composite decision support based on combining cost-benefit analysis (CBA) with multi-criteria decision analysis (MCDA) for the assessment of economic as well as strategic impacts within transport projects. Specifically a composite model for assessment (COSIMA) is presented as a decision support system (DSS). This COSIMA DSS ensures that the assessment is conducted in a systematic, transparent and explicit way. The modelling principles presented are illuminated with a case study concerning a complex decision problem. The outcome demonstrates the approach as a valuable DSS, and it is concluded that appraisals of large transport projects can be effectively supported using a combination of CBA and MCDA. Finally, perspectives of the future modelling work are given.

Original language	English
Journal	Decision Support Systems
Volume	51
Issue number	1
Pages (from-to)	167-175
ISSN	0167-9236
DOIs	https://doi.org/10.1016/j.dss.2010.12.005.
Publication status	Published - 2011

Keywords

Cost-benefit analysis
Multi-criteria decision analysis
Decision support systems
Decision analysis

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title = "Composite decision support by combining cost-benefit and multi-criteria decision",

abstract = "This paper concerns composite decision support based on combining cost-benefit analysis (CBA) with multi-criteria decision analysis (MCDA) for the assessment of economic as well as strategic impacts within transport projects. Specifically a composite model for assessment (COSIMA) is presented as a decision support system (DSS). This COSIMA DSS ensures that the assessment is conducted in a systematic, transparent and explicit way. The modelling principles presented are illuminated with a case study concerning a complex decision problem. The outcome demonstrates the approach as a valuable DSS, and it is concluded that appraisals of large transport projects can be effectively supported using a combination of CBA and MCDA. Finally, perspectives of the future modelling work are given.",

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AB - This paper concerns composite decision support based on combining cost-benefit analysis (CBA) with multi-criteria decision analysis (MCDA) for the assessment of economic as well as strategic impacts within transport projects. Specifically a composite model for assessment (COSIMA) is presented as a decision support system (DSS). This COSIMA DSS ensures that the assessment is conducted in a systematic, transparent and explicit way. The modelling principles presented are illuminated with a case study concerning a complex decision problem. The outcome demonstrates the approach as a valuable DSS, and it is concluded that appraisals of large transport projects can be effectively supported using a combination of CBA and MCDA. Finally, perspectives of the future modelling work are given.

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Composite decision support by combining cost-benefit and multi-criteria decision

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Keywords

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