Strategy Generation for Risk Minimization of Renewable Energy Technology Investments in Hospitals with SF TOP-DEMATEL Methodology

Abstract

Effective risk management plays an important role to improve renewable energy technology investments. Because of this issue, necessary actions must be implemented to effectively manage these risks. However, having high costs is the biggest disadvantage of the implementation of these actions. Therefore, it is not financially possible to implement different strategies together. In other words, it is necessary to identify the most important of these strategies. Accordingly, the purpose of this study is to make a priority evaluation for the risk strategies related to renewable energy technologies in hospitals. For this purpose, a new model is generated with spherical fuzzy (SF) TOP-DEMATEL technique. In this process, significant indicators are defined based on literature evaluations. In the next process, the weights of these indicators are calculated. The main contribution of this study is that a new technique is proposed by the name of TOP-DEMATEL. In this scope, the final steps of TOPSIS are integrated to the analysis process of DEMATEL to overcome criticisms for classical DEMATEL technique. Moreover, a priority evaluation is carried out to understand the most critical risk management strategies in renewable energy technology investments. With the help of this analysis, it can be much easier to take risk management actions without having financial difficulties. It is determined that the weighting results of the criteria are quite similar for different t values. This situation identifies that the proposed model provides coherent and reliable results. It is concluded that government support is the most important strategy in this context. Additionally, technological improvements also play a crucial role for this situation. It is strongly recommended that governments should establish appropriate legal and regulatory frameworks to promote renewable energy projects. These frameworks can facilitate the financing and licensing of projects and offer economic incentives such as tax incentives and subsidies.

Received: 31 May 2023 | Revised: 22 June 2023 | Accepted: 9 July 2023

Conflicts of Interest

The authors declare that they have no conflicts of interest to this work.

Data Availability Statement

Data sharing is not applicable to this article as no new data were created or analyzed in this study.