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Probabilistic life cycle costing: A case study of centrifugal pumps

Mokhtar, A.A. and Mulubran, F. and Muhammad, M. (2019) Probabilistic life cycle costing: A case study of centrifugal pumps. SpringerBriefs in Applied Sciences and Technology . pp. 53-71.

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Abstract

Life cycle costing (LCC)has been gaining attention in industries as a decision-making tool for the management of assets. LCC is generally recognized as a valuable tool in making an optimal decision considering the total cost of ownership rather than just the initial acquisition cost. The deterministic LCC model is commonly used in many plants; however, the deterministic model only inherently encompasses uncertainty factors, i.e., the economic issue alone, and cannot practically and effectively handle the ambiguous other uncertainties such as changes in interest rate, cost of production loss per hour due to unexpected failure, and labor cost per failure, to name a few. The life cycle cost of a repairable system is closely linked to and highly influenced by its maintenance cost which includes its reliability, maintainability, and maintenance support. Thus, to incorporate these uncertainties into LCC, one needs to consider the application of the reliability engineering principles to evaluate the probabilistic nature of the equipment failures and repairs. © The Author(s), under exclusive licence to Springer Nature Singapore Pte Ltd. 2019.

Item Type:Article
Impact Factor:cited By 0
Uncontrolled Keywords:Decision making; Life cycle; Maintainability; Wages, Cost of productions; Decision making tool; Deterministic modeling; Maintenance supports; Reliability engineering; Total cost of ownership; Uncertainty factors; Unexpected Failures, Costs
ID Code:22193
Deposited By: Ahmad Suhairi
Deposited On:28 Feb 2019 05:17
Last Modified:28 Feb 2019 05:17

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