NDLI: Application of the MCDM Technique for an Astute Decision-Making Process in the Renewable Energy Sector

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Application of the MCDM Technique for an Astute Decision-Making Process in the Renewable Energy Sector

Content Provider	Scilit
Author	Bajal, Eshan Chakraborty, Alakananda Jindal, Muskan Sharma, Shilpi
Copyright Year	2021
Description	Compared to traditional energy, renewable energy solves the problems of global warming and the previous decade has been epochal for the renewable energy sector because of commendable developments in the field. The implementation of any renewable energy project is a massive investment from various components, e.g. labour, permits from both central and local authorities, so there may be a cardinal need for a decision-making paradigm in order to understand and determine the type of renewable energy that fits and provides the best outcomes for a certain region where each considered criterion has disparate priorities. In this scenario, MCDM (Multi-Criteria Decision-Making), which takes the uncertainty and reliance of 'gut-feeling' by decision-makers and replaces these with metric calculation architecture to simplify the decision-making process, can be proven as an asset. In the proposed work, a comparative analysis of existing techniques currently applied in the renewable energy sector is performed based on three criteria, namely usability in the industry, clarity in architecture, and results of empirical studies produced for a better understanding of the MCDM application in the field. Upon completion, the novel architecture will be proposed in the same manner. Book Name: Multi-Criteria Decision Modelling
Related Links	https://api.taylorfrancis.com/content/chapters/edit/download?identifierName=doi&identifierValue=10.1201/9781003125150-5-5&type=chapterpdf
DOI	10.1201/9781003125150-5-5
Language	English
Publisher	Informa UK Limited
Publisher Date	2021-06-03
Access Restriction	Open
Subject Keyword	Book Name: Multi-criteria Decision Modelling Architecture Decision Making Process Renewable Energy Sector
Content Type	Text
Resource Type	Chapter

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