Practitioners and stakeholders need to be able to move from a seemingly infinite list of possible concepts to something practical, to help the decision making process. The process of assessing concepts is shown in the Figure below
This process could be divided into two parts:
- The screening process for feasible or viable concepts
- The assessment methodology for safe or best concept.
The screening process begins by assembling the first set of possible concepts using the concept dimensions described earlier. This takes into account the objectives, the context, and any already-agreed aspects. Permitted concepts can be screened with deeper analysis of the context and constraints, especially in relation to the regulatory framework. At this stage, some of the options might not be feasible.
In the feasible concepts phase, illogical and non-feasible options are screened out to the greatest extent possible. The decision-taker will identify which, among the feasible options, satisfy a set of business and societal thresholds, showing the viable concepts. These options will meet the investment criteria and/or the mobility objectives.
The assessment stage for selecting one or more applicable FTS business models involves the prioritisation of a set of feasible and viable business models. The objective of the FTS business model assessment methodology is to assist the decision makers in determining one or more promising FTS business model(s) that align with their vision and business objectives. Given a set of viable FTS business models specified within the Screening stage of the proposed methodological framework, the prioritisation phase involves the identification of the ”best” option, in a way that ranks the competing alternatives.
The assessment methodology incorporates the following evaluation requirements:
- Decomposes the evaluation problem to a set of criteria expressing the evaluation objectives of the decision maker(s)
- Rationalise and quantify the decision maker(s)’ beliefs and judgement in order to assign priorities among the evaluation criteria and the performance of the alternative business models under each criterion
- Incorporate different stakeholders’ objectives and judgement providing compromise solutions
- Enable the decision maker to perform sensitivity analysis in order to test the validity of the assessment results.
The major steps of the method are illustrated in the following Figure:
The resulting most beneficial competing FTS business models can be further assessed in terms of their financial viability, system efficiency, effectiveness, and quality. Measuring the efficiency of the FTS will give the involved stakeholders the opportunity to compare the alternative FTS schemes on different aspects.