A Value Focused Thinking Approach to Decommissioning Decision Making

Values are what stakeholders regard to be important to decisions (Kruglanski & Higgins 2007). How stakeholder prioritize, rank, balance, and trade-off values can have significant influence on their reasoning and evaluation of decommissioning outcomes and decisions. Stakeholder values can vary depending on various factors including religious beliefs, personal interests, and past experiences (Lechner et al., 2017). Value-focused thinking is a decision science theory developed by Keeney (1992) which builds upon the concept of varying stakeholder values. Keeney (1992) argues that the best decision is one that best reflects the actual values of stakeholders. which suggests that the acceptability of decommissioning decisions (full removal, partial removal, leave in-situ, rigs-to-reefs, etc.) by stakeholders will vary depending on the values of stakeholder in that particular context. This paper explores the idea of value-focused thinking and derive implications for decommissioning decision-making. Overall, the research finding suggests that rather than basing a decommissioning decision solely on scientific evidence, there is also a need for the decommissioning decisions to be able to reflect the actual values of stakeholders in that particular context. The criteria and weightage of the adopted multi-criteria decision analysis tool, for example, should accurately represent the actual values of stakeholders, so as to enable the tool to produce outcomes and decisions that has a higher probability of stakeholder acceptance.

Combining Value-Focused Thinking and PROMETHEE Techniques for Selecting a Portfolio of Distributed Energy Generation Projects in the Brazilian Electricity Sector

This article aims to propose a multi-criteria model to support decision-making from a portfolio in selecting technologies for Distributed Generation of Energy (DGE) projects based on the characteristics of the geographic space in Brazil. The decision model involves using multi-criteria to support the evaluation, prioritization, and selection of projects under a multistage decision-making process that fits into a strategic management cycle within the energy sector of Mato Grosso do Sul (Brazil). The over-classification techniques Preference Ranking Organization Technique for Enrichment Evaluations (PROMETHEE) II and V were applied under the Value-Focused Thinking (VFT) approach, reflecting the decision-maker or manager preferences among several conflicting criteria in the investment context of sustainable distributed energy generation projects. Based on real data, a numerical application is employed to view the steps of this decision model and illustrate the adequacy and effectiveness in practical issues of portfolio management.

Maritime trade in the Indian Ocean: value-focused thinking for BRI and CPEC by employing A’WOT hybrid technique

Belt and Road Initiative (BRI) and China Pakistan Economic Corridor (CPEC) have so far developed the narrative of bringing prosperity and peace; particularly in the welfare context of Afro-Asian population in Indian Ocean littoral states and enhanced cooperation among countries in Asia, Europe and Africa. The grey areas needs to be analysed with Value-Focused Thinking (VFT) for the overall discourse of maritime. Thus, this study examined the emerging role of BRI viz-a-viz trade opportunities and challenges for Pakistan and China by employing A’WOT method. Results reveal that the successful BRI and CPEC endeavours will open up a door for future investment, prosperity and sustainable development in Indian Ocean Region (IOR). However, Pakistan has higher ratio of threats compare to China and relative to the opportunities considering the weaknesses due to internal and external factors. Maritime trade under BRI has success potential due to geo-strategic location of Pakistan and weaknesses can be avoided in a complete decision support manner with appropriate policy and strategic arrangements.

Structuring and creating alternatives for the eggplant loss problem using the value-focused thinking methodology

The eggplant is a short shelf-life vegetable whose export in Mexico generates significant incomes for horticultural companies. However, when the market’s price is down, or its quality does not fulfill the market’s requirements, eggplant is not exported, and demand is low in the domestic market. This situation generates financial problems for companies, unemployment for people, and environmental problems, among others. To reduce eggplant loss is necessary to understand the elements around the issue, structure the problem, and generate solution alternatives. In this work, the Value-Focused Thinking (VFT) methodology was applied in a horticultural farm in Sinaloa, Mexico, to obtain values from a decision-maker to structure the eggplant loss problem, objectives of the farm and generate solution alternatives. This article presents a structured problem about eggplant loss, which includes one strategic objective, five fundamental objectives, and nine means-ends objectives as well as twenty-seven solution alternatives such as applying protected agriculture technology, selling waste as food for livestock and designing a new product based on eggplant. Through the results of the application of VFT methodology, the decision-maker had a better understanding of the eggplant loss problem and its value, which is going to be reflected in benefits for the horticultural farm. Keywords: Eggplant loss, problem structuring, creating alternatives, value-focused thinking. JEL classification: D46, D81 Received: 10/06/2020. Accepted: 06/11/2020. Published: 01/12/2020