The multiple criteria analysis tool (MCAT): A new software tool to support environmental investment decision making

This article describes a decision support software system referred to as the multiple criteria analysis tool (MCAT). MCAT identifies a portfolio of decision options that return a maximum aggregated benefit under a constrained budget. Benefits scores of decision options – which we will refer to as projects – are computed using multiple criteria analysis whereas in a subsequent step, binary combinatorial optimisation is employed to identify the combination of projects that return a maximised aggregated benefit subject to a constraint. MCAT has primarily been developed to be used in natural resource management contexts. Though we illustrate MCAT through three Australian natural resource management case studies its use is explicitly not restricted to environmental decision problems. Wherever multi-criteria analysis (MCA) is regarded to be a suitable approach to evaluate decision options subject to a budget constraint, MCAT can be applied. We therefore believe that MCAT has potential for widespread application. It can help improve the transparency, analytic rigour and auditability of investment decisions.