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A Multi Criteria Knapsack Solution to Optimise Natural Resource Management Project Selection

In: Multiple Criteria Decision Making for Sustainable Energy and Transportation Systems

Author

Listed:
  • Oswald Marinoni

    (CSIRO Sustainable Ecosystems)

  • Andrew Higgins
  • Stefan Hajkowicz

Abstract

Most environmental programs are based on the selection of proposed management activities which we will here refer to as projects. Most frequently, the total cost of project proposals exceeds available program budgets. This forces a project selection where the selection process is usually aimed to maximise the total benefits whilst it is necessary to stay within a given budget. A common selection practice is the sorting of projects along their utility or benefit score and selecting projects until the budget constraint binds. However this practise implies no further combinatorial effort; projects are simply selected from top to bottom. The combinatorial problem of finding an optimal combination of projects subject to constraint is a binary problem which is known in operations research as the knapsack problem (KP). Here a multi criteria knapsack solution which combines multi criteria analysis with a subsequent combinatorial optimization technique is applied to determine a portfolio of projects that returns a maximum aggregated benefit subject to a budget constraint. To facilitate the application of the applied methods, the multi-criteria analysis tool (MCAT) has been developed. We illustrate the use of the MCAT through a waterway health management case study in Western Australia.

Suggested Citation

  • Oswald Marinoni & Andrew Higgins & Stefan Hajkowicz, 2010. "A Multi Criteria Knapsack Solution to Optimise Natural Resource Management Project Selection," Lecture Notes in Economics and Mathematical Systems, in: Matthias Ehrgott & Boris Naujoks & Theodor J. Stewart & Jyrki Wallenius (ed.), Multiple Criteria Decision Making for Sustainable Energy and Transportation Systems, pages 47-55, Springer.
    • Handle: RePEc:spr:lnechp:978-3-642-04045-0_5
    DOI: 10.1007/978-3-642-04045-0_5
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