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

Fingerprint

Project selection
Project appraisal
Methodology
Investment project
Decision model
Evaluation
Costs and benefits
Private sector
Social benefits
Thailand
Environmental benefits
Ad hoc
Developing countries
Environmental economics
Decision making
Government
Public sector
Social costs
Financial constraints
Decision maker

Keywords

  • METIS-312891

Cite this

Vajarothai, P., Al-Jibouri, S. H. S., & Halman, J. I. M. (2015). A conceptual decision model for investment project appraisal and selection procedure. In 13th international conference on science and engineering research (ICSER), 16-17 December 2015, Bangkok, Thailand, conference proceedings (pp. -). Bangkok, Thailand.
Vajarothai, Pintip ; Al-Jibouri, Saad H.S. ; Halman, Johannes I.M. / A conceptual decision model for investment project appraisal and selection procedure. 13th international conference on science and engineering research (ICSER), 16-17 December 2015, Bangkok, Thailand, conference proceedings. Bangkok, Thailand, 2015. pp. -
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Vajarothai, P, Al-Jibouri, SHS & Halman, JIM 2015, A conceptual decision model for investment project appraisal and selection procedure. in 13th international conference on science and engineering research (ICSER), 16-17 December 2015, Bangkok, Thailand, conference proceedings. Bangkok, Thailand, pp. -.

A conceptual decision model for investment project appraisal and selection procedure. / Vajarothai, Pintip; Al-Jibouri, Saad H.S.; Halman, Johannes I.M.

13th international conference on science and engineering research (ICSER), 16-17 December 2015, Bangkok, Thailand, conference proceedings. Bangkok, Thailand, 2015. p. -.

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

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Vajarothai P, Al-Jibouri SHS, Halman JIM. A conceptual decision model for investment project appraisal and selection procedure. In 13th international conference on science and engineering research (ICSER), 16-17 December 2015, Bangkok, Thailand, conference proceedings. Bangkok, Thailand. 2015. p. -