A conceptual decision model for investment project appraisal and selection procedure

Pintip Vajarothai, Saad H.S. Al-Jibouri, Johannes I.M. Halman

    Research output: Chapter in Book/Report/Conference proceedingConference contributionAcademicpeer-review

    Abstract

    Organisations in public or private sector invest in projects to meet strategic
    objectives; to solve a problem, respond to specific needs or to realize
    investment opportunities. Governments, particularly in developing
    countries, face increasing demands of society for more and better services.
    Unfortunately however, there are usually more projects available for
    selection than can be undertaken within the financial constraints of a
    government or an organization, so selections must be made to maximize the
    benefits from such investments. Project selection is fundamentally about
    decision making by organisations and individuals. Evidence shows that in
    many cases projects are selected in an ad hoc manner and that most of the
    evaluation techniques used are based on the principles of Cost-Benefit
    Analysis (CBA) regardless of the type of appraisal being carried out (i.e.
    social costs and benefits, environmental costs and benefits etc.).
    This paper describes a proposed conceptual methodology based on
    combining different evaluation and decision making techniques, suitable to
    address different economic, social and environmental aspects, into one
    decision model to assist decision makers to improve project evaluation and
    selection procedure.
    The merits of the proposed methodology are demonstrated through the use
    of the evaluation and selection procedure in Thailand as a case example.
    The paper discusses how the new conceptual methodology will address the
    various shortcomings in the existing procedure to improve the selection
    process.
    Original languageEnglish
    Title of host publication13th international conference on science and engineering research (ICSER), 16-17 December 2015, Bangkok, Thailand, conference proceedings
    Place of PublicationBangkok, Thailand
    Pages-
    Publication statusPublished - 2015
    Event13th international conference on science and engineering research (ICSER): 13th international conference on science and engineering research (ICSER), 16-17 December 2015, Bangkok, Thailand - Bangkok, Thailand
    Duration: 1 Jan 1900 → …

    Conference

    Conference13th international conference on science and engineering research (ICSER)
    CityBangkok, Thailand
    Period1/01/00 → …

    Keywords

    • METIS-312891

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