Title: Investment efficiency evaluation of electric power substation projects by stages using the EWM-DEA model

Authors: Xu Ma; Zhenyu Zhao

Addresses: Institute of Construction Engineering and Management, School of Economics and Management, North China Electric Power University, Beinonglu#2, Huilongguan, Changping, Beijing, 102206, China ' Institute of Construction Engineering and Management, School of Economics and Management, North China Electric Power University, Beinonglu#2, Huilongguan, Changping, Beijing, 102206, China

Abstract: Power grid construction projects are crucial for national industrial development. To improve the investment efficiency (IE) of substation engineering construction, this study determines the influencing factors of the input and output of substation construction projects through the entropy weight method (EWM) principle and constructs the evaluation model of IE of substation engineering construction by using data envelopment analysis (DEA) theory. Considering substation projects of a power grid company as an example, this article evaluates and compares the investment economy of one-time and phased construction to maximise the economic efficiency of substation project construction. Hence, our study provides scientific reference for investment decision-making involving substation projects and promotes collaborative planning of various regions, projects, and assets under the construction of substation projects. The results show that the IE of phased substation construction projects is higher than that of one-time construction. This effectively improves the IE of power grid companies.

Keywords: substation project; data envelopment analysis; DEA; entropy weight method; EWM; input-output index; construction by stages; investment efficiency; IE.

DOI: 10.1504/IJISE.2024.135828

International Journal of Industrial and Systems Engineering, 2024 Vol.46 No.1, pp.34 - 57

Received: 07 Dec 2021
Accepted: 25 Apr 2022
Published online: 08 Jan 2024 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article