Assessing oil spill risk in port tanker operations using a multiattribute utility approach to ranking and selection
Pages 1696 - 1707
Abstract
In this paper we apply multiattribute ranking and selection to the management of a port facility in the environmentally sensitive Prince William Sound area of Alaska. The approach allows tradeoffs between the disparate performance measures associated with the operation of the port and non-linear scoring of the attributes, including the notion of satisfying a target level of performance. The example considered is based on real data from a risk analysis of the port that has been simplified for ease of exposition, but the methods employed generalize to situations with real data and larger number of performance measures.
References
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Bordley, R. F. and C. W. Kirkwood. 2004. "Multiattribute Preference Analysis with Performance Targets." Operations Research 52:823--0835.
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Bordley, R. and M. LiCalzi. 2000. "Decision Analysis Using Targets Instead of Utility Functions." Decisions in Economics and Finance 53:53--74.
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Butler, J. C., D. J. Morrice and P. Mullarkey. 2001. "A Multiple Attribute Utility Theory Approach to Ranking and Selection." Management Science 47:800--816.
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Chick, S. E. and K. Inoue. 2001. "New Two-Stage and Sequential Procedures For Selecting The Best Simulated System." Operations Research 49(5):732--743.
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Keeney, R. L., H. Raiffa. 1976. Decisions with Multiple Objectives. Wiley: New York.
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Merrick, J. R. W., J. C. Butler and D. J. Morrice. 2011. Unconstraining Ranking and Selection: Using Utility Theory to Avoid Bad Outcomes by Focusing on the Best Alternatives. Working Paper.
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Merrick, J. R. W., J. R. van Dorp, T. Mazzuchi, J. Harrald, J. Spahn and M. Grabowski. 2002. "The Prince William Sound Risk Assessment." Interfaces 32(6):25--40.
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Merrick, J. R. W., J. R. van Dorp, J. Spahn, J. Harrald, T. Mazzuchi and M. Grabowski. 2000. "A Systems Approach to Managing Oil Transportation Risk in Prince William Sound." Systems Engineering 3(3):128--142.
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Morrice, D. J. and J. C. Butler. 2006. "Ranking and Selection With Multiple "Targets"." In Proceedings of the 2006 Winter Simulation Conference, edited by L. F. Perrone, F. P. Wieland, J. Liu, B. G. Lawson, D. M. Nicol, and R. M. Fujimoto, 222--230. Piscataway, New Jersey: Institute of Electrical and Electronics Engineers, Inc.
Index Terms
- Assessing oil spill risk in port tanker operations using a multiattribute utility approach to ranking and selection
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- IIE: Institute of Industrial Engineers
- INFORMS-SIM: Institute for Operations Research and the Management Sciences: Simulation Society
- SCS: Shanghai Computer Society
- SIGSIM: ACM Special Interest Group on Simulation and Modeling
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Winter Simulation Conference
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Published: 11 December 2011
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WSC'11
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WSC '11 Paper Acceptance Rate 203 of 270 submissions, 75%;
Overall Acceptance Rate 3,413 of 5,075 submissions, 67%
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