IQLM: Application for Rail Systems

IQLM: Application for Rail Systems (1997)
Zigmund Bluvband, Ph.D., ALD Ltd., Israel
Michael Zule, Ph.D., ALD Ltd., Israel
Alex Barel, Ph.D, ALD Ltd., Israel

Cost-effectiveness is an evaluation involving both performance and cost. The best performing rail system may not be the most cost effective one. Therefore, when analyzing the acquisition of a rail system, both performance and cost must be considered The Integrated Quality & Logistics Management (IQLM) methodology presented in this paper demonstrates how to evaluate cost-effectiveness for a system that involves both measurable and assessed characteristics for better decision making. In addition, the method demonstrates that decision making under uncertainty requires thorough sensitivity analysis to generate robust results.