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Table 2

Experienced advantages and disadvantages of CBA, LCA and MCDA within the six WavE projects studies

Valuation method usedExperienced advantagesExperienced disadvantages
(Extended) cost–benefit analysis 
  • Well-suited evaluation approach to reflect economic and, in part, technical evaluation criteria

  • Monetary evaluation fits well into traditional, economically influenced decision-making processes and evaluation concepts

 
  • Monetisation is ambiguous and can be a sensitive and controversial issue, especially for social aspects

  • Implicit or explicit weighting of different effects

 
Life cycle (impact) assessment 
  • Rigorous and comprehensive assessment of the environmental and health aspects of different alternatives using a transparent, standardised approach

  • Analysis can help to generate feedback loops in the early innovation phase

 
  • Existing norms and standards do not provide support on how to identify preferred solution

 
Multi-criteria decision analysis 
  • Open method that can be adapted to specific problems

  • Various well-known methodological approaches allow for a use case-specific selection

  • Possibility of case-specific weighting of objectives and selection of evaluation criteria with different scales and units according to decision situation and decision-makers preferences

  • Transparent and understandable assessment process requiring little or no experience in its application

 
  • No clear guidelines for use case-specific method selection

  • Detailed criteria assessment requires complementary usage of other assessment methods and tools

  • Objective weighting of individual criteria can only be ensured by strong stakeholder engagement

  • Results are mostly sensitive to users' preferences

 
Valuation method usedExperienced advantagesExperienced disadvantages
(Extended) cost–benefit analysis 
  • Well-suited evaluation approach to reflect economic and, in part, technical evaluation criteria

  • Monetary evaluation fits well into traditional, economically influenced decision-making processes and evaluation concepts

 
  • Monetisation is ambiguous and can be a sensitive and controversial issue, especially for social aspects

  • Implicit or explicit weighting of different effects

 
Life cycle (impact) assessment 
  • Rigorous and comprehensive assessment of the environmental and health aspects of different alternatives using a transparent, standardised approach

  • Analysis can help to generate feedback loops in the early innovation phase

 
  • Existing norms and standards do not provide support on how to identify preferred solution

 
Multi-criteria decision analysis 
  • Open method that can be adapted to specific problems

  • Various well-known methodological approaches allow for a use case-specific selection

  • Possibility of case-specific weighting of objectives and selection of evaluation criteria with different scales and units according to decision situation and decision-makers preferences

  • Transparent and understandable assessment process requiring little or no experience in its application

 
  • No clear guidelines for use case-specific method selection

  • Detailed criteria assessment requires complementary usage of other assessment methods and tools

  • Objective weighting of individual criteria can only be ensured by strong stakeholder engagement

  • Results are mostly sensitive to users' preferences

 
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