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A Framework of Cost-Effectiveness for Sustainability Strategies

  • Yaqin Lin
  • , Ruwen Qin
  • , Scott Erwin Grasman
  • , Suzanna Long
  • , Mathew Allan Thomas
  • Missouri University of Science and Technology

Research output: Contribution to journalArticlepeer-review

Abstract

Strategies for implementing alternative energy sources are drawing growing attention as global environmental challenges have raised concerns over energy consumption. Cost-effectiveness is an important criterion for assessing the applicability of a strategy. However, few relevant studies have been performed on alternative energy in a systematic approach. This paper establishes a framework of cost-effectiveness analysis to assess sustainability strategies. The framework summarizes various effects and associated costs of using representative alternative energy sources. On the basis of the framework, this paper specifies guidelines for systematically performing a cost-effectiveness analysis for sustainability strategy research and practice. A case study developed as part of this research project is included in this paper to demonstrate the functionality of the framework.

Keywords

  • Alternative Energy Source
  • Associated Costs
  • Cost Benefit Analysis
  • Cost-Effectiveness Analysis
  • Economic Assessment
  • Energy Utilization
  • Environmental Challenges
  • Research
  • Sustainability Strategy
  • Sustainable Development

Disciplines

  • Operations Research, Systems Engineering and Industrial Engineering

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