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A method for the efficient prioritization of infrastructure renewal projects

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  • Karydas, D.M.
  • Gifun, J.F.

Abstract

The infrastructure renewal program at MIT consists of a large number of projects with an estimated budget that could approach $1 billion. Infrastructure renewal at the Massachusetts Institute of Technology (MIT) is the process of evaluating and investing in the maintenance of facility systems and basic structure to preserve existing campus buildings. The selection and prioritization of projects must be addressed with a systematic method for the optimal allocation of funds and other resources. This paper presents a case study of a prioritization method utilizing multi-attribute utility theory. This method was developed at MIT's Department of Nuclear Engineering and was deployed by the Department of Facilities after appropriate modifications were implemented to address the idiosyncrasies of infrastructure renewal projects and the competing criteria and constraints that influence the judgment of the decision-makers. Such criteria include minimization of risk, optimization of economic impact, and coordination with academic policies, programs, and operations of the Institute. A brief overview of the method is presented, as well as the results of its application to the prioritization of infrastructure renewal projects. Results of workshops held at MIT with the participation of stakeholders demonstrate the feasibility of the prioritization method and the usefulness of this approach.

Suggested Citation

  • Karydas, D.M. & Gifun, J.F., 2006. "A method for the efficient prioritization of infrastructure renewal projects," Reliability Engineering and System Safety, Elsevier, vol. 91(1), pages 84-99.
    • Handle: RePEc:eee:reensy:v:91:y:2006:i:1:p:84-99
    DOI: 10.1016/j.ress.2004.11.016
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    References listed on IDEAS

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    1. George E. Apostolakis & Susan E. Pickett, 1998. "Deliberation: Integrating Analytical Results into Environmental Decisions Involving Multiple Stakeholders," Risk Analysis, John Wiley & Sons, vol. 18(5), pages 621-634, October.
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    Cited by:

    1. Patterson, S.A. & Apostolakis, G.E., 2007. "Identification of critical locations across multiple infrastructures for terrorist actions," Reliability Engineering and System Safety, Elsevier, vol. 92(9), pages 1183-1203.
    2. Andres,Luis Alberto & Biller,S. A. Dan & Herrera Dappe,Matias, 2014. "Infrastructure gap in South Asia : infrastructure needs, prioritization, and financing," Policy Research Working Paper Series 7032, The World Bank.
    3. Taillandier, F. & Sauce, G. & Bonetto, R., 2009. "Risk-based investment trade-off related to building facility management," Reliability Engineering and System Safety, Elsevier, vol. 94(4), pages 785-795.
    4. Carnero, MaCarmen, 2006. "An evaluation system of the setting up of predictive maintenance programmes," Reliability Engineering and System Safety, Elsevier, vol. 91(8), pages 945-963.
    5. Pascual, R. & Del Castillo, G. & Louit, D. & Knights, P., 2009. "Business-oriented prioritization: A novel graphical technique," Reliability Engineering and System Safety, Elsevier, vol. 94(8), pages 1308-1313.
    6. Hua Li & George E. Apostolakis & Joseph Gifun & William VanSchalkwyk & Susan Leite & David Barber, 2009. "Ranking the Risks from Multiple Hazards in a Small Community," Risk Analysis, John Wiley & Sons, vol. 29(3), pages 438-456, March.
    7. Junn-Yuan Teng & Wen-Chih Huang & Maw-Cherng Lin, 2010. "Systematic budget allocation for transportation construction projects: a case in Taiwan," Transportation, Springer, vol. 37(2), pages 331-361, March.

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