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A review of methods for integrating risk management and multicriteria decision analysis in financial feasibility for post-coal-mining land usage selection

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  • Ronyastra, I Made
  • Saw, Lip Huat
  • Low, Foon Siang

Abstract

Coal mining is an economy activity that extract coal from underground. The land use after the mining operation ceased must be properly planned to mitigate the loss of employment, support economic diversification and sustainable development in future. Deciding the best post-mining land usage (PMLU) option fell into a multi-criteria decision problem as the decision would have impact on many stakeholders, including corporations, workers, government, and local communities. This work reviewed past works related to PMLU with a specific interest in risk management and multi-criteria decision analysis. There were seven major categories for PMLU options discussed in the previous works, namely agriculture, forestry, water potential, industrial area, recreational, energy-related, and landfill site. The network visualization of keywords shown the lack of connection among PMLU, financial feasibility study, risk identification, risk simulation, and multi-criteria decision analysis. An integrated decision framework would contribute to fill the gap. Potential land developers and all related parties may utilize the outcome obtained from this review to optimize their PMLU decision for the betterment of the environment and communities that aligns with the current world activities toward sustainable development to give our planet a better future.

Suggested Citation

  • Ronyastra, I Made & Saw, Lip Huat & Low, Foon Siang, 2023. "A review of methods for integrating risk management and multicriteria decision analysis in financial feasibility for post-coal-mining land usage selection," Resources Policy, Elsevier, vol. 86(PB).
    • Handle: RePEc:eee:jrpoli:v:86:y:2023:i:pb:s0301420723009716
    DOI: 10.1016/j.resourpol.2023.104260
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