Comparative Analysis Of Decision-making
Methodologies Used In Environmental Planning
Author(s)
S. Bakopoulou, S. Polyzos & A. Kungolos
Abstract
It is the objective of this study to analyze the methodologies used for the
evaluation of alternative projects in the environmental planning procedure. There
are many methodologies used for evaluation of a project or alternative actions
such as financial analysis, cost effectiveness analysis, cost benefit analysis and
multicriteria analysis. The main methodologies that are being considered in this
study are cost benefit analysis and multicriteria analysis. They are two basic
methodologies which facilitate the decision-making procedure especially in cases
where many criteria should be taken into account in the decision-making model.
The character of data being worked out by each methodology differs. Cost
benefit analysis is a monetary based technique and all variables should have a
monetary value while multicriteria analysis is a non-monetary technique and it
can incorporate qualitative variables. The advantages and disadvantages of each
methodology are being discussed in the study in order to find a methodology
suitable for evaluating alternative actions under the sustainability concept.
Keywords: decision-making, evaluation methodologies, environmental planning.
1 Introduction
Dealing with any decision problem, the intent is to select the best alternative
choice among those available or to create alternative choices better than those
readily apparent. Determining what is a good, better or best decision is a value
judgement (Keeney [1], Gough and Ward [2]). Without taking in mind values
judgements, the decision-making process will fail.
The concept of \“good” decision may relate to the decision-making process or
it may relate to the outcomes of the decision. Decisions involve taking risks and,
Keywords
decision-making, evaluation methodologies, environmental planning.
Related Book
Other papers in this volume
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