Version 1
: Received: 18 September 2024 / Approved: 19 September 2024 / Online: 19 September 2024 (07:10:31 CEST)
How to cite:
Dabija, D.; Nastase, C.-E.; Chetrariu, A.; Dabija, A. Circular Economy Principles in Multi-Criteria Analysis: Using AHP Model for Risk Assessment in Sustainable Whisky Production. Preprints2024, 2024091476. https://doi.org/10.20944/preprints202409.1476.v1
Dabija, D.; Nastase, C.-E.; Chetrariu, A.; Dabija, A. Circular Economy Principles in Multi-Criteria Analysis: Using AHP Model for Risk Assessment in Sustainable Whisky Production. Preprints 2024, 2024091476. https://doi.org/10.20944/preprints202409.1476.v1
Dabija, D.; Nastase, C.-E.; Chetrariu, A.; Dabija, A. Circular Economy Principles in Multi-Criteria Analysis: Using AHP Model for Risk Assessment in Sustainable Whisky Production. Preprints2024, 2024091476. https://doi.org/10.20944/preprints202409.1476.v1
APA Style
Dabija, D., Nastase, C. E., Chetrariu, A., & Dabija, A. (2024). Circular Economy Principles in Multi-Criteria Analysis: Using AHP Model for Risk Assessment in Sustainable Whisky Production. Preprints. https://doi.org/10.20944/preprints202409.1476.v1
Chicago/Turabian Style
Dabija, D., Ancuta Chetrariu and Adriana Dabija. 2024 "Circular Economy Principles in Multi-Criteria Analysis: Using AHP Model for Risk Assessment in Sustainable Whisky Production" Preprints. https://doi.org/10.20944/preprints202409.1476.v1
Abstract
As the whisky industry applies circular economy principles to maximize resource utilization and minimize environmental impact, companies become exposed to several risks, which require complex assessments to ensure reliable outcomes. This study provides an organized framework to identify, prioritize and rank various risk factors commonly observed in whisky industry through the development of an Analytical Hierarchy Process (AHP) multi-criteria analysis model. Experts from 18 small European distilleries identified five main risk criteria and nineteen sub-criteria from brainstorming workplace observations, and categorized them as: environmental (5), operational (4), technological innovation (3), food safety (3) and economical (4) risks. The Analytical Hierarchy Process (AHP) approach was used to determine the weights and ranks of the main criteria and sub-criteria based on the survey responses received from experts from each distillery. The final judgements are consistent, as indicated by consistency values (CR) of less than 0.1 for all risk criteria. Unlike traditional risk assessment methods, the AHP model effectively integrates qualitative and quantitative data, aiding strategic decision-making in the whisky industry by breaking down complex problems into manageable sub-problems. Future research directions may expand the criteria and explore additional sustainable practices.
Keywords
risk assessment; multi-criteria analysis; Analytical Hierarchy Process (AHP); circular economy (CE); sustainable whisky production
Subject
Business, Economics and Management, Economics
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
