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A strategic asset planning decision analysis: An integrated System Dynamics and multi‐criteria decision‐making method
Author(s) -
Elsawah Sondoss,
Danesh Darius,
Ryan Michael
Publication year - 2019
Publication title -
incose international symposium
Language(s) - English
Resource type - Journals
ISSN - 2334-5837
DOI - 10.1002/j.2334-5837.2019.00635.x
Subject(s) - asset (computer security) , multiple criteria decision analysis , asset management , management science , context (archaeology) , decision support system , computer science , decision analysis , operations research , operational planning , risk analysis (engineering) , process management , engineering , business , economics , artificial intelligence , management , computer security , mathematical economics , paleontology , finance , biology
Asset planning is a complex and dynamic problem, where the decision maker is often faced with the challenge of making decisions now about aspects that will change over the asset lifetime. This paper is a part of an ongoing study whose goal is to develop decision‐support methods and tools (qualitative and quantitative) to support asset planning. In this context, this paper's objective is to demonstrate an integrated approach for combining System Dynamics (SD) and Multi‐criteria Decision‐Making (MCDM). To support the design approach, the paper uses a multi‐method design framework, from the wider Operations Research/Management Science (OR/MS) literature, as a theoretical lens to review and synthesize literature. To apply and test this approach in practice, the paper uses as a test case the classic asset replacement problem from the asset management literature. The test case is applied in a real‐life decision support project for fleet planning in a military organization. Results showcase the value of using SD (qualitative and quantitative) methods and MCDM, both independently and integrated, to support asset planning.