Waste management project’s alternatives: A risk-based multi-criteria assessment (RBMCA) approach

This paper examines the evaluation of a waste management project’s alternatives through a quantitative risk analysis. Cost benefit analysis is a widely used method, in which the investments are mainly assessed through the calculation of their evaluation indicators, namely benefit/cost (B/C) ratios, as well as the quantification of their financial, technical, environmental and social risks. Herein, a novel approach in the form of risk-based multi-criteria assessment (RBMCA) is introduced, which can be used by decision makers, in order to select the optimum alternative of a waste management project. Specifically, decision makers use multiple criteria, which are based on the cumulative probability distribution functions of the alternatives’ B/C ratios. The RBMCA system is used for the evaluation of a waste incineration project’s alternatives, where the correlation between the criteria weight values and the decision makers’ risk preferences is analyzed and useful conclusions are discussed.

► We examine the evaluation of a waste management project’s alternatives. ► We present a novel risk-based multi-criteria assessment (RBMCA) approach. ► In the RBMCA the evaluation criteria are based on the quantitative risk analysis of the project’s alternatives. ► Correlation between the criteria weight values and the decision makers’ risk preferences is examined. ► Preference to the multi-criteria against the one-criterion evaluation process is discussed.