MRO contract selection with risk assessment based on multi-attribute utility theory (MAUT)

• Main Author: Izuan Hussain Bagarib.
• Other Authors: School of Mechanical and Aerospace Engineering
• Format: Final Year Project
• Language: English
• Published: 2012
• Subjects: DRNTU::Engineering::Mechanical engineering
• Online Access: http://hdl.handle.net/10356/50454
• Institution: Nanyang Technological University

Contracts Selection is proving to be an important aspect in higher management for any organisation today. With more companies outsourcing costly, non-essential business areas to dedicated service providers, selecting the right Contract is crucial to daily operations and cost budgeting and control. Contracts are complicated as they involve multiple attributes that require attention and assessment. Different attributes may be of greater importance than others and this does affect decision-making. On its own, contract cost (one attribute) is affected by the service levels (all other attributes) stated in the Contract to be considered. Organisations are required to study and evaluate the trade-offs involved in choosing the most cost-beneficial, operationally-effective Contract Alternative within their budget.