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Risk-based group decision making regarding renewable energy schemes using a stochastic graphical matrix model

journal contribution
posted on 2014-01-01, 00:00 authored by Jui-Sheng Chou, Citra Ongkowijoyo
Improvements to sustainability are generally measurable based on their environmental, economic, and socio-cultural effects. This study applied this concept by developing and empirically testing a risk-based method for assessing renewable energy policy. An integrated theoretical framework is proposed for analyzing group decision-making regarding renewable energy (RE) policy selection. The proposed graphical matrix approach combined with Monte Carlo simulation compares alternative RE schemes by identifying and measuring critical performance indicators with acceptable reliability. The mathematical model reliably prioritizes alternatives using majority voting to address uncertainty in multi-criteria decision making process. A case study using historical data from previous RE development projects to confirm the feasibility of this approach. Compared to the conventional deterministic method, the stochastic graphical matrix approach provides more reliable estimation accuracy, decision quality, and efficiency in selection of sustainable renewable energy. The systematic approach provides policy makers information for use in evaluation by synthesizing the judgments of a panel of experts.

History

Journal

Automation in construction

Volume

37

Pagination

98 - 109

Publisher

Elsevier

Location

Amsterdam, The Netherlands

ISSN

0926-5805

eISSN

1872-7891

Language

eng

Publication classification

C1.1 Refereed article in a scholarly journal

Copyright notice

2013, Elsevier B.V.