In: Operations Management
What are the 5 criteria that are used to evaluate different energy sources? List and briefly explain them.
To evaluate different energy resources water, solar, wind, geothermal, coal, nuclear etc. The following five criteria might be used:
1) Cost of the sourcing: It is most important factor if a source will incur higher cost then people avoid the same to be used and extract.
2) Quality of the energy being sourced:
The energy source is quality having choice or it fails to meet the needs of the individual must be analyzed. For example: Nuclear energy is more costly but its quality will be superb.
3) Extraction easiness: If, energy will be easily extracted or explored then it will be good one for the users.
4) Cost of refining or generating the power:
Whether the proposed energy will be easily utilized to get the power. For example: Solar energy is good if its panels are easily available and it can be installed without any technological knowledge by the user itself.
5) Whether the source is renewable or non renewable:
If energy source will be reputedly used then people give higher preferences to utilize the same source but it takes higher cost of use.
6) Whether it produces carbon and other gases:
Carbon less sources are now more preferred than any other source. Many benefits can be derived by doing so. It will fulfil the aim like going green.