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Multicriteria Programming Approach to Development Project Design with an Output Goal and a Sustainability Goal

In: New Developments in Multiple Objective and Goal Programming

Author

Listed:
  • Enrique Ballestero

    (Escuela Politécnica Superior de Alcoy)

Abstract

Especially intended for managers faced with development project design, this paper proposes a multicriteria decision making (MCDM) model with two objectives, output maximization and sustainability to be attained as much as possible. This proposal is motivated because: (a) aggressive managers seek to optimize the project output by using deterministic methods such as capital budgeting techniques and mathematical programming models; (b) conservative managers seek sustainability by using replicas of running development projects, which have proven reliable in practice; (c) few managers use stochastic models to ensure sustainability as these models require unavailable information on random variables and complex feedback. Then, this proposal is to articulate the aggressive output standpoint and the conservative replica standpoint into a two-objective programming model looking for a compromise solution between both goals. A numerical example on farm project design is developed in detail and discussed.

Suggested Citation

  • Enrique Ballestero, 2010. "Multicriteria Programming Approach to Development Project Design with an Output Goal and a Sustainability Goal," Lecture Notes in Economics and Mathematical Systems, in: Dylan Jones & Mehrdad Tamiz & Jana Ries (ed.), New Developments in Multiple Objective and Goal Programming, pages 71-79, Springer.
    • Handle: RePEc:spr:lnechp:978-3-642-10354-4_5
    DOI: 10.1007/978-3-642-10354-4_5
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