A NEW APPROACH TO THE MULTI-CRITERIA APPRAISAL OF INVESTMENT ALTERNATIVES FOR INFRASTRUCTURE PROJECTS

This paper introduces a new approach to multi-criteria appraisal of investment alternatives for infrastructure projects. The appraisal is supposed to identify and eliminate unfeasible investment alternatives and then to select the best alternative among feasible investment alternatives. The new approach has been developed by combining the Modified Conjunctive and Analysis Hierarchy Process (AHP) methods with Group Decision-making methods. First, the Modified Conjunctive method combined with Group Decision-making methods is employed in identifying and eliminating unfeasible investment alternatives. Then the AHP method combined with Group Decision-making methods is utilized to select the best alternative among feasible investment alternatives based on the principles of [Utility of Cost] - [Utility of Project] analysis. A case study for the Mekong bridge in Cambodia done to validate applicability of the new approach is also briefly represented in this paper.