A multi-criteria decision support framework for sustainable asset management and challenges in its application

Abstract

Despite an increasing demand for considering sustainability aspects in asset management, there is a lack of guidance for decision-makers on how this can be achieved. The aim of this research is to present rational decision support for sustainable management of industrial assets in situations where there are multiple conflicting objectives. For this purpose, a Multi-criteria decision analysis framework that incorporates sustainability criteria over the whole life cycle has been developed. Stakeholder participation and uncertainty assessment are considered explicitly allowing for a holistic perspective and higher confidence in the results. In order to facilitate communication, methods for visualization of numerical results are highlighted. While the focus of this study is on the development of the framework, the challenges of applying it and potential steps to address these are discussed through an application in the shipping sector.