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Evaluating different cost-benefit analysis methods for port security operations

Sherman, Galina; Siebers, Peer-Olaf; Menachof, David; Aickelin, Uwe

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Authors

Galina Sherman

David Menachof

Uwe Aickelin



Contributors

Javier Faulin
Editor

Angel A. Juan
Editor

Scott E. Grasman
Editor

Michael J. Fry
Editor

Abstract

Service industries, such as ports, are attentive to their standards, a smooth service flow and economic viability. Cost benefit analysis has proven itself as a useful tool to support this type of decision making; it has been used by businesses and governmental agencies for many years. In this book chapter we demonstrate different modelling methods that are used for estimating input factors required for conducting cost benefit analysis based on a single case study. These methods are: scenario analysis, decision trees, Monte-Carlo simulation modelling and discrete event simulation modelling. Our aims are, on the one hand, to guide the analyst through the modelling processes and, on the other hand, to demonstrate what additional decision support information can be obtained from applying each of these modelling methods.

Citation

Sherman, G., Siebers, P., Menachof, D., & Aickelin, U. (2012). Evaluating different cost-benefit analysis methods for port security operations. In J. Faulin, A. A. Juan, S. E. Grasman, & M. J. Fry (Eds.), Decision making in service industries: a practical approach. CRC Press

Acceptance Date Jan 1, 2012
Publication Date Aug 8, 2012
Deposit Date Jun 17, 2016
Publicly Available Date Mar 29, 2024
Peer Reviewed Peer Reviewed
Book Title Decision making in service industries: a practical approach
ISBN 9781439867341
Public URL https://nottingham-repository.worktribe.com/output/711071
Related Public URLs http://ima.ac.uk/papers/sherman2012.pdf

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