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Ranking projects for an electricity utility using ELECTRE III
Author(s) -
Buchanan John,
Vanderpooten Daniel
Publication year - 2007
Publication title -
international transactions in operational research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.032
H-Index - 52
eISSN - 1475-3995
pISSN - 0969-6016
DOI - 10.1111/j.1475-3995.2007.00589.x
Subject(s) - electre , ranking (information retrieval) , context (archaeology) , computer science , decision maker , multiple criteria decision analysis , electricity , operations research , task (project management) , selection (genetic algorithm) , preference , dimension (graph theory) , decision support system , decision analysis , operations management , management science , economics , machine learning , artificial intelligence , engineering , mathematics , statistics , microeconomics , geography , systems engineering , archaeology , pure mathematics , electrical engineering
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.