A Comparative Analysis of Investment in the Development of Agricultural Processing Industries Using Delphi & Engineering-Economic Approach (Case Study: Hamedan County)

Abstract

The main objective of this research is to prioritize investment in the food processing industry in Hamedan and compare the results in two quantitative and qualitative approaches using engineering economics and Delphi. This research is practical in terms of purpose and is non-experimental in terms of data collection. In the present study, valuable themes were found through a Delphi method, and then they were processed from the point of view of experts. Necessary estimates were done using the Engineering-Economic approach (such as fixed investment costs, production costs, depreciation, assets, etc.). The engineering-economic analysis was done by the net present worth (NPW), the rate of return (ROR), and the cost of creating each job. According to the results of the Delphi method, industries related to garlic and potato crops were priorities. Then industries related to pickles production, canned, and concentrated fruits were the next priorities. According to research findings, concerning the standard rate of return (ROR) on investment, the pickles production plan is the first priority. Raisin and potato powder productions situated in the second and third preferences. According to the net present value of investment, forage and animal feed plan, potato powder, and garlic powder production were ranked as first to third, respectively. According to the results of the Delphi method, industries related to products such as garlic and potatoes were given the first priority, followed by picking, canning, and compote industries. Based on the research findings and taking the Capital Return Rate (ROR) criterion into account, the first priority is the picking plan, and raisin production and potato powder production are the next ranks. Based on the cost-of-job creation index, the priority plan for pickling production and the agricultural compost production plan were given the tenth priority.

Keywords

• engineering economics
• delphi approach
• investment
• agricultural processing industries
• comparative analysis