A qualitative multi-attribute model for the selection of the private hydropower plant investments in Turkey: By foundation of the search results clustering engine (Carrot2), hydropower plant clustering, DEXi and DEXiTree
Abstract: The electricity
demand in Turkey has been increasing for a while. Hydropower is one of the
major electricity generation types to compensate this electricity demand in
Turkey. Private investors (domestic and foreign) in the hydropower electricity
generation sector have been looking for the most appropriate and satisfactory new
private hydropower investment (PHPI) options and opportunities in Turkey. This
study aims to present a qualitative multi-attribute decision making (MADM)
model, that is easy, straightforward, and fast for the selection of the most
satisfactory reasonable PHPI options during the very early investment stages
(data and information poorness on projects).
Design/methodology/approach: The data and information of the PHPI options
was gathered from the official records on the official websites. A wide and
deep literature review was conducted for the MADM models and for the hydropower
industry. The attributes of the model were identified, selected, clustered and
evaluated by the expert decision maker (EDM) opinion and by help of an open
source search results clustering engine (Carrot2) (helpful for also
comprehension). The PHPI options were clustered according to their installed
capacities main property to analyze the options in the most appropriate,
decidable, informative, understandable and meaningful way. A simple clustering
algorithm for the PHPI options was executed in the current study. A template
model for the selection of the most satisfactory PHPI options was built in the
DEXi (Decision EXpert for Education) and the DEXiTree software.
Findings: The basic attributes for the selection of the PHPI options were
presented and afterwards the aggregate attributes were defined by the bottom-up
structuring for the early investment stages. The attributes were also analyzed
by help of Carrot2. The most satisfactory PHPI options in Turkey in the big
options data set were selected for each PHPI options cluster by the EDM
evaluations in the DEXi.
Originality/value: The recommended DEXi PHPI selection model by the
search results clustering engine within a country wise case offered the
possibility of easy, meaningful and satisfying continental or worldwide
applications for the private investors and the international financial
institutions such as the African Development Bank, or the World Bank was the
main contribution.
Keywords: Carrot2, cluster,
clustering, decision, DEX, DEXi, DEXiTree, hydropower, investment, private
hydropower plant investments, qualitative scaled attributes, search results
clustering engine, Turkey
Author: Burak Omer Saracoglu
Journal Code: jptindustrigg160005
