Dynamic multi-criteria decision making model for prioritization of railway infrastructure projects

Abstract

Rail infrastructure projects are very important for economic and social development of one country. The significance of the project changes over time and it is necessary to decide which project should be accepted in dynamic environment. This is very difficult and delicate task, but crucial for company's success in the market. In this paper, authors presented model based on Analytical Hierarchy Process approach with dynamic priorities. This model consists of three main clusters: projects, criteria, and relevant external projects. The aim of the paper is an evaluation of railway infrastructure projects with application of multi-criteria decision making method. Special attention is committed to the influence of relevant external projects on alternatives in certain time periods in the future. The model is tested on real data from the Serbian Railway Network.

Keywords

• railway projects prioritization
• dynamic priorities
• AHP