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.
Available at: http://works.bepress.com/kyung_min/21/
This is an article from the International Journal of Management 21 (2004): 186. Posted with permission.