Analysis of Multicriteria Decision-Making Methodologies for the Petroleum Industry

Abstract

Decision-making within the petroleum industry is a<br>complex process involving extensive analysis of multiple<br>objectives based on a variety of diverse criteria. As part of the<br>decision-making process, companies often convert nonmonetary<br>criteria to common monetary equivalents, i.e.<br>assigning costs allocations regarding public response to a<br>proposed project. However, this approach has many<br>limitations related to recognizing the company’s true financial<br>performance in comparison to quality, safety, environmental<br>concerns and other factors.