Replacement analysis using probabilistic life cycle costing

Mulubrhan, F. and Mokhtar, A.A.B. and Muhammad, M. (2016) Replacement analysis using probabilistic life cycle costing. ARPN Journal of Engineering and Applied Sciences, 11 (22). pp. 13042-13048.

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Life-cycle cost (LCC) is the most frequently used economic model for decision making that considers all costs in the life of a system or equipment. The LCC of repairable equipment highly depends on the reliability and availability of the equipment. Optimum equipment reliability reduces failure which in turn reduces disruption of product that have a direct link to maintenance and production cost. This paper presents a mathematical model to estimate the life cycle cost (LCC) of repairable equipment. Operation and Maintenance cost are calculated using activity based costing. Pump system containing two pumps in a parallel configuration is taken as a case and their LCC is analyzed using the developed model. The developed model is used to assess alternative replacement option of the existing pump system. The alternative options are either to continue with the existing system or to replace one of the pumps that have highest downtime or to replace both pumps. © 2006-2016 Asian Research Publishing Network (ARPN).

Item Type:Article
Impact Factor:cited By 0
ID Code:25855
Deposited By: Ms Sharifah Fahimah Saiyed Yeop
Deposited On:27 Aug 2021 13:07
Last Modified:27 Aug 2021 13:07

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