Cost-Benefit Analysis and the Theory of Fuzzy Decisions

Dompere, Kofi Kissi

doi:10.1007/978-3-540-44449-7

Cited by 3 publications

(5 citation statements)

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“…The confidence intervals are interpreted as being "low," "medium," and "high" and quantitative measures of these linguistic variables are to be determined based on the characteristics of the project to which the analysis is being applied. The assumption of triangular fuzzy numbers in similar applications can be found in Teodorovic and Vukadinovic (1998) and Dompere (2004).…”

Section: Fuzzy Benefitmentioning

confidence: 96%

“…Thus, the above is a class of multi-benefits attributable to multifactors. Such a case is well described by Dompere (2004). Dompere shows that benefits realized through multifactors can be expressed linearly and are additive.…”

Section: Fuzzy Benefitmentioning

confidence: 96%

“…(2) By converting both benefits and costs in fuzzy form we can be assured that we are comparing apples to apples; thus, the resulting B/C ratio might make more sense because fuzzy representation of a quantity always lies between 0 and 1. Our extensive literature review found very limited applications (Neitzel and Hoffman, 1980;Kahraman, 2001;Dompere, 2004) of fuzzy logic in benefit cost assessment. Neitzel and Hoffman (1980) described benefits and costs in linguistic rather than numerical terms.…”

Section: Introductionmentioning

confidence: 99%

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Feasibility of Computer Visualization in Highway Development: A Fuzzy Logic-Based Approach

Jha

2006

Comp-aided Civil Eng

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Building transportation infrastructure requires careful planning and design with due consideration to land and environmental impacts. Imprecise assessments of detailed design requirements, and land and environmental impacts lead to frequent scope changes of transportation infrastructure improvement projects. Computer visualization (CV) and geographic information systems (GIS) can greatly assist in understanding the detailed design requirements as well as land and environmental impacts. However, the application of CV is quite limited in transportation primarily because of the limited knowledge of its benefits over cost. This study investigates the feasibility of CV in modeling highway improvement sections. Two potential benefits are realized through the proposed modeling: (1) better representation of future improvements resulting in enhanced public and political support and (2) early identification of adverse environmental and land impacts as well as detail design requirements resulting in fewer scope changes. A fuzzy logic-based general approach is proposed to calculate the expected benefits of CV. A computer code called the Projection Option Processor (POP) is developed in Microstation's BASIClanguage to automate repetitive tasks in the visualization procedure. Two real highway projects from Maryland are visualized and the benefits and costs of the visualization are estimated using the proposed fuzzy logic-based approach. The results indicate that using POP is costeffective resulting in higher benefit-cost ratios (B/C). Increasing the number of views, alternatives, and reevaluations for visualization may increase the total visualization cost significantly.

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Section: Fuzzy Benefitmentioning

confidence: 96%

Section: Fuzzy Benefitmentioning

confidence: 96%

Section: Introductionmentioning

confidence: 99%

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Feasibility of Computer Visualization in Highway Development: A Fuzzy Logic-Based Approach

Jha

2006

Comp-aided Civil Eng

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“…In cost-benefit-type of approaches, data collection usually builds on statistical data collection schemes (Dompere, 2004, Ray, 1990. However with a focus on the analysis of individual actors, data collection needs to build, in addition, on expert knowledge, case studies, and enterprise decision models.…”

Section: Data Collection Schemesmentioning

confidence: 99%

A multi-level cost–benefit approach for regulatory decision support in food safety and quality assurance scenarios

Fritz

Schiefer

2008

Innovation: The European Journal of Social Science Research

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In complex policy decision situations where policy objectives can only be reached through appropriate activities of individual actors with own decision authority and individual objectives, the classical approaches for measuring the effects of regulatory initiatives through cost-benefit or related types of analysis do not provide the appropriate information for decision support. This paper discusses a framework for a multi-level analysis approach that could provide decision support in multi-level policy decision situations.

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“…Although conventional traffic project evaluation and decision-making methods, such as cost-benefit analysis provides a set of values that are useful to determine the feasibility of a project from a static standpoint, Federal Highway Administration (FHWA) recommends that the full range of reasonable alternatives and their effects need to be considered [1]. Typical methods make fixed value assumptions of non-monetary variables (e.g., travel time, safety and noise) [2], ignore stakeholder variations of alternatives and their attributes [2], disregard information about the probabilistic distribution and uncertainty ranges of evaluation criteria [3], and aggregate certain and uncertain costs and benefits on a common scale [3]. Also there are concerns that they have a myopic focus on only a single stakeholder or a few stakeholders sharing similar interests, e.g., the traffic agency and the motorists.…”

Section: Introductionmentioning

confidence: 99%

Risk assessment: method and case study for traffic projects

Prevedouros

2017

J. Mod. Transport.

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A comprehensive project evaluation and decision-making method considering multiple objectives, stakeholders, and attributes of proposed traffic treatments is inherently complicated. Although individual techniques in evaluating operations, safety, economic, and stakeholder objectives are available, a practical method that integrates all these risk factors and their uncertainties into a multiattribute decision-making tool is absent. A three-level project decision-making process was developed to model and assess multiple-attribute risk in a proposed traffic treatment from the perspective of multiple stakeholders. The direct benefits from reducing delay and safety risk (basic objectives of traffic treatments) are computed in Level 1 with established methods. Feasibility and performance analysis in Level 2 examine site-specific constraints and conduct detailed performance analysis using advanced analysis tools. In Level 3, this paper introduces an innovative and integrated multiple attributes evaluation process under fuzziness and uncertainty (MAFU) process for evaluation and decision-making. The MAFU is a comprehensive and systematic assessment and decision-making procedure that can assess the magnitudes of project performance and to integrate conflicting interests and tradeoffs among stakeholders. A case study illustrates the application of MAFU for the selection of a traffic alternative involving several evaluation attributes and stakeholders. Results show that the MAFU produced the smallest variance for each alternative. With traditional cost-benefit evaluation methods, the uncertainty associated with performance of a traffic project in terms of operation, safety, environmental impacts, etc., is unrestricted and cumulative. Therefore, a reliable multi-attribute evaluation of complex traffic projects should not be made with conventional costbenefit analysis alone but with a process like MAFU.

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Cost-Benefit Analysis and the Theory of Fuzzy Decisions

Cited by 3 publications

References 0 publications

Feasibility of Computer Visualization in Highway Development: A Fuzzy Logic-Based Approach

Feasibility of Computer Visualization in Highway Development: A Fuzzy Logic-Based Approach

A multi-level cost–benefit approach for regulatory decision support in food safety and quality assurance scenarios

Risk assessment: method and case study for traffic projects

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