Using risk analyses in a multi criteria decision making framework for evaluation of hydropower maintenance projects

The paper presents a framework for using risk analysis together with multi criteria decision making methods as an analysing strategy for evaluating and prioritising different types of maintenance and renewal projects within a power company. Projects are being subject to risk evaluation related to a set of qualitative criteria, together with calculation of economic key figures such as the net present value of the project. The basics of the strategy are illustrated by experience data from risk evaluation of the project portfolio of a Norwegian hydropower production company.