Decision Analysis in a Fishing Port Project Using Multi-attribute Utility Theory

Abstract

In order to attain the goal of an overall project evaluation of a fishing port project, a conceptual approach has been established in this paper, using a multi-attribute utility theory. As a first step, the multiple attributes relevant to a fishing port project have been formulated. Based on these attributes, a basic approach to the overall evaluation of a fishing port project has further been sought through developing an evaluation model in the form of a flow chart. It is pointed out that an application of such methodology can only be made a concrete and detailed proposal which is quite often the case presented by the concerned authority for the consideration of a financial institution. In the past, many researchers in this field contributed their efforts to the approach and methodology for the preparation of a feasibility study through presenting and examining various alternative proposals. However, the evaluation of the detailed proposal based on an already completed feasibility study which was carried out by the other party, was hardly given consideration. In order to actually test the methodology and approach, an actual project proposal case has been taken from the Seo Geo Cha fishing port project in Korea, through which presented steps were examined.