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

    Research output: Contribution to journalJournal articleResearchpeer-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 languageEnglish
    JournalDecision Support Systems
    Volume51
    Issue number1
    Pages (from-to)167-175
    ISSN0167-9236
    DOIs
    Publication statusPublished - 2011

    Keywords

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

    Cite this

    @article{39f87064a1da4ac996f46eb4b2d8c233,
    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.",
    keywords = "Cost-benefit analysis, Multi-criteria decision analysis, Decision support systems, Decision analysis",
    author = "Barfod, {Michael Bruhn} and Salling, {Kim Bang} and Steen Leleur",
    year = "2011",
    doi = "10.1016/j.dss.2010.12.005.",
    language = "English",
    volume = "51",
    pages = "167--175",
    journal = "Decision Support Systems",
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    }

    Composite decision support by combining cost-benefit and multi-criteria decision. / Barfod, Michael Bruhn; Salling, Kim Bang; Leleur, Steen.

    In: Decision Support Systems, Vol. 51, No. 1, 2011, p. 167-175.

    Research output: Contribution to journalJournal articleResearchpeer-review

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    AU - Salling, Kim Bang

    AU - Leleur, Steen

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    N2 - 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.

    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.

    KW - Cost-benefit analysis

    KW - Multi-criteria decision analysis

    KW - Decision support systems

    KW - Decision analysis

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