Determining Multi-Criteria Priorities in the Planning of Electric Power Generation: The Development of an Analytic Hierarchy Process for Using the Opinions of Experts

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2004-01-01
Authors
Kim, Sung Chul
Min, Kyung
Min, Kyung
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Min, Kyung
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Abstract

The electric power industry in the United States is undergoing substantial changes in power gene ration business as well as in environmental regulation. Under these changes, it is highly desirable for the electric power industry to objectively and quantitatively examine generation planning, which often involves a multiple number of different experts with multi-criteria for decision making. In this paper, we consider these two key aspects in generation planning (multi-experts/multi-criteria), and integrate an analytic hierarchy process for multi-criteria decision making and a Bayesian approach for combining experts' opinions. Our efforts lead to a comprehensive numerical example that illustrates multi-experts/multi-criteria generation planning for the electric power industry. Managerial insights and economic implications are provided throughout this paper.

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<p>This is an article from the <em>International Journal of Management</em> 21 (2004): 186. Posted with permission. </p>
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