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Railway projects prioritisation for investment: Application of goal programming

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  • Ahern, Aoife
  • Anandarajah, Gabrial

Abstract

This research develops a weighted integer goal-programming model for prioritising railway projects for investment. The goal of the model is to prioritise the identified projects for investment while maximising the objectives and meeting the budget limit for capital investment. The model minimises the goal deviations of the objectives. The objectives of the model include quantitative and qualitative attributes. The model is applied to prioritise the new railway projects, which have a total cost of Euro 2 billion for capital investment, identified and analysed by Department of Transport, Ireland. Even though the objective is maximising all the attributes, the investment decision is subject to financial availability. The study recommends investment options at different capital investment levels when the decision is made on the basis of economic benefits, revenue or qualitative goal scores.

Suggested Citation

  • Ahern, Aoife & Anandarajah, Gabrial, 2007. "Railway projects prioritisation for investment: Application of goal programming," Transport Policy, Elsevier, vol. 14(1), pages 70-80, January.
    • Handle: RePEc:eee:trapol:v:14:y:2007:i:1:p:70-80
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    References listed on IDEAS

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    1. Petersen, E. R. & Taylor, A. J., 2001. "An investment planning model for a new North-Central railway in Brazil," Transportation Research Part A: Policy and Practice, Elsevier, vol. 35(9), pages 847-862, November.
    2. repec:cdl:itsdav:qt95p934gz is not listed on IDEAS
    3. Beuthe, Michel & Eeckhoudt, Louis & Scannella, Giuseppe, 2000. "A practical multicriteria methodology for assessing risky public investments," Socio-Economic Planning Sciences, Elsevier, vol. 34(2), pages 121-139, June.
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    Cited by:

    1. Khalifa Mohammed Al-Sobai & Shaligram Pokharel & Galal M. Abdella, 2020. "Perspectives on the Capabilities for the Selection of Strategic Projects," Sustainability, MDPI, vol. 12(19), pages 1-20, October.
    2. Johanna Camargo Pérez & Martha Carrillo & Jairo Montoya-Torres, 2015. "Multi-criteria approaches for urban passenger transport systems: a literature review," Annals of Operations Research, Springer, vol. 226(1), pages 69-87, March.
    3. Lowry, Michael B., 2010. "Using optimization to program projects in the era of communicative rationality," Transport Policy, Elsevier, vol. 17(2), pages 94-101, March.
    4. Pamucar, Dragan & Macura, Dragana & Tavana, Madjid & Božanić, Darko & Knežević, Nikola, 2022. "An integrated rough group multicriteria decision-making model for the ex-ante prioritization of infrastructure projects: The Serbian Railways case," Socio-Economic Planning Sciences, Elsevier, vol. 79(C).

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