Remaining Life Analysis for Wastewater and Force Main Pipes for Long-Term Life Cycle Cost Decision Support

2019 ◽  
Author(s):  
Berk Uslu ◽  
Sunil K. Sinha ◽  
Walter L. Graf
Keyword(s):  
Life Cycle ◽  
Decision Support ◽  
Life Cycle Cost ◽  
Remaining Life ◽  
Life Analysis

scholarly journals Life Cycle Cost Analysis of a Single-Family House in Sweden

Buildings ◽  
2021 ◽  
Vol 11 (5) ◽  
pp. 215
Author(s):  
Bojana Petrović ◽  
Xingxing Zhang ◽  
Ola Eriksson ◽  
Marita Wallhagen
Keyword(s):  
Life Cycle ◽  
Life Cycle Cost ◽  
Single Family ◽  
Labor Costs ◽  
Construction Costs ◽  
Economic Parameters ◽  
A Minor ◽  
Family House ◽  
Replacement Operation

The objective of this paper was to explore long-term costs for a single-family house in Sweden during its entire lifetime. In order to estimate the total costs, considering construction, replacement, operation, and end-of-life costs over the long term, the life cycle cost (LCC) method was applied. Different cost solutions were analysed including various economic parameters in a sensitivity analysis. Economic parameters used in the analysis include various nominal discount rates (7%, 5%, and 3%), an inflation rate of 2%, and energy escalation rates (2–6%). The study includes two lifespans (100 and 50 years). The discounting scheme was used in the calculations. Additionally, carbon-dioxide equivalent (CO2e) emissions were considered and systematically analysed with costs. Findings show that when the discount rate is decreased from 7% to 3%, the total costs are increased significantly, by 44% for a 100-year lifespan, while for a 50 years lifespan the total costs show a minor increase by 18%. The construction costs represent a major part of total LCC, with labor costs making up half of them. Considering costs and emissions together, a full correlation was not found, while a partial relationship was investigated. Results can be useful for decision-makers in the building sector.

Computer-Aided FT8® RAM Analysis With On Condition Maintenance

1993 ◽  
Author(s):  
T. L. Gaudette ◽  
Larry Fraser ◽  
S. A. Della Villa
Keyword(s):  
Life Cycle ◽  
Power Systems ◽  
Life Cycle Cost ◽  
Product Introduction ◽  
Marine Systems ◽  
Equipment Manufacturer ◽  
Computer Aided ◽  
Ram Analysis ◽  
Equipment Operator

Product reliability is influenced by both design and operating and maintenance practices. This means both the equipment manufacturer and the equipment’s operator have an impact on the systems’ achievable level of availability. Many variables such as application (utility or cogeneration) or service or duty cycle (peaking, cycling, or continuous duty), influence the expected availability/reliability of any unit. These variables and an understanding of the expected “economic demand” the unit must fill are important elements for a realistic and accurate reliability assessment. These variables also affect the expected maintenance costs associated with the unit. Both the equipment manufacturer and the equipment operator have a vested interest in understanding and influencing this process. If the expected level of reliability/availability is a major requirement of the equipment owner/operator, then there must be an accurate understanding of how the reliability of the unit will be protected over the long term. Thus the unit first cost and life cycle cost can be estimated in a meaningful way. The objective of this paper is to provide an assessment of proved design reliability along with the application of on condition maintenance of Turbo Power and Marine Systems’ (Turbo Power) most recent product introduction, the FT8. A computer-aided reliability analysis was made by Turbo Power with the support of Strategic Power Systems, Inc. (SPS), to demonstrate and support the suitability of the FT8 for both peaking and continuous duty applications utilizing on condition maintenance concepts. Consequently, the presentation of the RAM analysis is organized to assist in developing a complete and comprehensive understanding of the evolution of the product and to develop realistic RAM (Reliability, Availability, and Maintainability) and life cycle cost expectations.

Stochastic rail life cycle cost maintenance modelling using Monte Carlo simulation

2017 ◽  
Vol 232 (4) ◽  
pp. 1240-1251 ◽  
Author(s):  
Rick Vandoorne ◽  
Petrus J Gräbe
Keyword(s):  
Monte Carlo Simulation ◽  
Monte Carlo ◽  
Life Cycle ◽  
Decision Support ◽  
Life Cycle Cost ◽  
Cost Model ◽  
Railway Track ◽  
Maintenance Costs ◽  
Relative Contribution ◽  
Inspection Interval

The need for decision support systems to guide maintenance and renewal decisions for infrastructure is growing due to tighter budget requirements and the concurrent need to satisfy reliability, availability and safety requirements. The rail of the railway track is one of the most important components of the entire track structure and can significantly influence maintenance costs throughout the life cycle of the track. Estimation of life cycle cost is a popular decision support system. A calculated life cycle cost has inherent uncertainty associated with the reliability of the input data used in such a model. A stochastic life cycle cost model was developed for the rail of the railway track incorporating imperfect inspections. The model was implemented using Monte Carlo simulation in order to allow quantification of the associated uncertainty within the life cycle cost calculated. For a given set of conditions, an optimal renewal tonnage exists at which the rail should be renewed in order to minimise the mean life cycle cost. The optimal renewal tonnage and minimum attainable mean life cycle cost are dependent on the length of inspection interval, weld type used for maintenance as well as the cost of maintenance and inspection activities. It was found that the distribution of life cycle cost for a fixed renewal tonnage followed a log-normal probability distribution. The standard deviation of this distribution can be used as a metric to quantify uncertainty. Uncertainty increases with an increase in the length of inspection interval for a fixed rail renewal tonnage. With all other conditions fixed, it was found that the uncertainty in life cycle cost increases with an increase in the rail renewal tonnage. The relative contribution of uncertainty of the planned and unplanned maintenance costs towards the uncertainty in total life cycle cost was found to be dependent on the length of inspection interval.

A Performance-Specified and Reliability-Based Approach for Life-Cycle Cost Analysis of Long Term Pavement Maintenance Contracts

2013 ◽  
Vol 723 ◽  
pp. 721-728
Author(s):  
Jih Chiang Lee ◽  
Jyh Dong Lin ◽  
Chin Rung Chiou ◽  
Han Yi Wang
Keyword(s):  
Life Cycle ◽  
Cost Analysis ◽  
Life Cycle Cost ◽  
Risk Estimation ◽  
Life Cycle Cost Analysis ◽  
International Roughness Index ◽  
Pavement Maintenance ◽  
Performance Specification ◽  
Pavement Deterioration

The objectives of this paper are to present the feasibility of utilizing reliability-based method to quantify life-cycle cost associated with performance specification. And a framework develops for quantifying the life-cycle cost. The framework consists of three components: (1) the pavement deterioration performance prediction; (2) the reliability-based risk estimation; and (3) the life-cycle cost analysis. An example is illustrated using the International Roughness Index (IRI) data to demonstrate how the approach works. The approach has potential for use in valuation of long term pavement maintenance contracts.

Enablers of relational integrated value networks (RIVANS) for total facilities management (TFM)

2018 ◽  
Vol 23 (2) ◽  
pp. 170-184 ◽  
Author(s):  
Nayanthara De Silva ◽  
Nilmini Weerasinghe ◽  
H.W.N. Madhusanka ◽  
Mohan Kumaraswamy
Keyword(s):  
Life Cycle ◽  
Life Cycle Cost ◽  
Driving Forces ◽  
Holistic Approach ◽  
Facilities Management ◽  
Life Cycle Approach ◽  
Integrated Networks ◽  
Value Networks ◽  
Content Type

Purpose The purpose of this paper is to identify enablers for setting up relationally integrated value networks (RIVANS) for total facilities management (TFM) as a holistic approach to bridge the Project Management (PM) phase to the facilities management (FM) phase, aiming for better service delivery while optimizing the life-cycle cost. These enablers are proposed as required driving forces for the industry to bridge current gaps through RIVANS for TFM so as to improve the value of the facility and deliver better value to its stakeholders over its life span. Design/methodology/approach A literature review elicited 11 typical better values that could be achieved by suitably linking the PM and FM supply chains in general. While these were tested in parallel research exercises in Hong Kong, the UK and Singapore, this paper reports on the specific findings from Sri Lanka, where a Web-based questionnaire survey was conducted to identify potential better values for proposed relational networks (including the clients, consultants, contractors and suppliers in the supply chain). Better values were then clustered under principal domains/components using factor analysis to establish synergetic enablers. Findings In total, 11 significant better values for TFM were identified and four enablers were extracted as building long-term integrated networks, establishing a common resource pool linking PM and FM, enhancing sustainability of TFM and developing a similar protocol between PM and FM. Originality/value The study carried out in this paper contributes to knowledge by identifying drivers to bridge the gap between PM and FM to best achieve clients’ long-term aspirations through a holistic life-cycle approach. Furthermore, all stakeholders in TFM can revisit their practices to establish and strengthen the identified enablers.

A Decision Support Framework for Cost-Effective and Energy-Efficient Shipping

2020 ◽  
Author(s):  
Khanh Q. Bui ◽  
Lokukaluge P. Perera
Keyword(s):  
Life Cycle ◽  
Decision Support ◽  
Energy Efficient ◽  
Life Cycle Cost ◽  
Performance Monitoring ◽  
Cost Effective ◽  
Life Cycles ◽  
Maritime Industry ◽  
Decision Support Framework ◽  
Maritime Operations

Abstract Stringent regulations regarding environmental protection and energy efficiency (i.e., emission limits regarding NOx, SOx pollutants and the IMO greenhouse gases reduction target) will mark a significant shift to the maritime industry. In the first place, the shipping industry has strived to work towards feasible technologies for regulatory compliance. Nevertheless, life cycle cost appraisal attaches much consideration of decision-makers when it comes to investment decisions on new technologies. Therefore, the life cycle cost analysis (LCCA) is proposed in this study to evaluate the cash flow budgeting and cost performance of the proposed technologies over their life cycles. In the second place, environmental regulations may support innovation especially in the era of digitalization. The industrial digitalization is expected to revolutionize all of the aspects of shipping and enable the achievement of energy-efficient and environmental-friendly maritime operations. The so-called Internet of things (IoT) with the utilization of sensor technologies as well as data acquisition systems can facilitate the respective maritime operations by means of vessel operational performance monitoring. The big data sets obtained from IoT should be properly analyzed with the help of Artificial Intelligence (AI) and Machine Learning (ML) approaches. Our contribution in this paper is to propose a decision support framework, which comprises the LCCA analysis and advanced data analytics for ship performance monitoring, will play a pivotal role for decision-making processes towards cost-effective and energy-efficient shipping.

Value Creation and Cost Management by Use of the New ISO 15663 Life Cycle Costing Standard

2021 ◽  
Author(s):  
Endre Willmann ◽  
Runar Østebø ◽  
Eduardo H. R. Montalvao
Keyword(s):  
Life Cycle ◽  
Decision Support ◽  
Value Creation ◽  
Life Cycle Cost ◽  
Net Present Value ◽  
Oil And Gas ◽  
Cost Management ◽  
Life Cycle Costing ◽  
Cycle Phase ◽  
Life Cycle Phase

Abstract The new edition of the ISO 15663 standard has been developed during the recent years and will strengthen the industry cost management for business value creation. This paper shows how such standardization can be used to further enhance and promote adoption of a common and consistent approach to life cycle costing in the offshore oil and gas industry. The new ISO 15663 edition maintains key principles from previous editions, but does also introduce an improved and revised management methodology for application of life cycle costing. The purpose is to provide decision support for selecting between alternative options (e.g., projects, operational and technical subject matters) across life cycle phases, also aligned with overall corporate business objectives such as HSE and sustainability. It also provides the means of identifying cost drivers and a framework for value optimization over the entire life of an asset. The international standard is providing an essential set of normative requirements on how to implement and apply the life cycle costing methodology and the decision criteria, supported by an exhaustive part of recommended practices. This includes the identification of common and specific contractual considerations for operators, contractors and vendors (e.g., complementary metrics besides expenditure, such as systems availability guarantee and risk-sharing clauses). It also includes the application in the life cycle phases of an asset, the techniques and data input, examples of application, and assessment and lessons learnt. Capital expenditure (CAPEX), operating expenditure (OPEX), revenue and lost revenue (LOSTREV) factors are addressed. The standard includes an unambiguous definition of the economic objectives of a project and application of the same business criteria when making major engineering decisions. The life cycle costing methodology is applicable to all asset decisions in any life cycle phase, but should be applied only when expected to add value for decision-support. The required extent of planning and management of the appropriate life cycle costing is depending on the magnitude of the costs involved, the potential value that can be created and the life cycle phase. This paper demonstrates how the new ISO 15663 can be utilized by providing new examples of life cycle costing, to give all participants in the process — oil and gas operators, contractors and vendors — an up-to-date and streamlined set of requirements and guidance, encouraging a fit for purpose application. The paper does also present unique key economic evaluation measures such as life cycle cost (LCC) and net present value (NPV).

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