Balancing Risk, Cost, and Performance in Operational Planning under Budget Constraints: A Case Study in an Electric Company

Balancing risk, cost, and performance is a critical challenge in operational planning, especially under budget constraints. This paper presents a case study demonstrating how the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) can be used to prioritize operational planning within a transmission unit of PT Perusahaan Listrik Negara (PLN) Persero, a prominent Indonesian state-owned enterprise. The study considers the multifaceted impacts of risk, cost, and performance on project selection. By leveraging Tableau Prep and Tableau Desktop, a streamlined calculation process and an interactive data visualization dashboard were developed. This dashboard empowers decision-makers to effectively prioritize projects based on their alignment with key performance indicators (KPIs), asset reliability significance, risk reduction levels, implementation time, and budgetary considerations. The analysis revealed notable discrepancies between project rankings derived from the TOPSIS method and their actual execution outcomes. Notably, the TOPSIS approach resulted in a higher cumulative criteria score in $\mathbf{9 6. 9 2 \%}$ of projects compared to the actual ranking, suggesting a significant potential for resource optimization. This study underscores the value of the TOPSIS method as a decision-making tool in operational planning for electric companies, particularly in navigating the complexities of risk, cost, and performance trade-offs under budget constraints.