Application of New Decision Making Model Based on Modified Cost-Benefit Analysis — A Case Study: Belgrade Tramway Transit

Abstract

Tramway transit has an important place within the public transportation system of Belgrade. However, due to the very unfavorable age structure, the bad condition of tramway tracks and infrastructure, as well as the maintenance system that require significant advancement, Belgrade tramways are in very bad repair, so the transport requirements are not properly met. The principal task of the analysis presented in this paper is to recognize and estimate the justifiability of investment into various solutions for revitalization of Belgrade tramway rolling stock. We have chosen a somewhat different from usual approach to decision making, that is, applied a combination of cost-benefit, life-cycle cost and multi-criteria analysis.