A method for the efficient prioritization of infrastructure renewal projects

D.M. Karydas and J.F. Gifun

Reliability Engineering and System Safety, 2006, vol. 91, issue 1, 84-99

Abstract: The infrastructure renewal program at MIT consists of a large number of projects with an estimated budget that could approach $1 billion. Infrastructure renewal at the Massachusetts Institute of Technology (MIT) is the process of evaluating and investing in the maintenance of facility systems and basic structure to preserve existing campus buildings. The selection and prioritization of projects must be addressed with a systematic method for the optimal allocation of funds and other resources. This paper presents a case study of a prioritization method utilizing multi-attribute utility theory. This method was developed at MIT's Department of Nuclear Engineering and was deployed by the Department of Facilities after appropriate modifications were implemented to address the idiosyncrasies of infrastructure renewal projects and the competing criteria and constraints that influence the judgment of the decision-makers. Such criteria include minimization of risk, optimization of economic impact, and coordination with academic policies, programs, and operations of the Institute. A brief overview of the method is presented, as well as the results of its application to the prioritization of infrastructure renewal projects. Results of workshops held at MIT with the participation of stakeholders demonstrate the feasibility of the prioritization method and the usefulness of this approach.

Keywords: Project prioritization; Facilities; Infrastructure renewal; Analytic hierarchy process; Deliberation; Consensus; Analytic-deliberative decision making; Multi-attribute utility theory (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reensy:v:91:y:2006:i:1:p:84-99

DOI: 10.1016/j.ress.2004.11.016

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