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Maintenance strategy optimisation for infrastructure assets through cost modelling
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Zhang, Wenjuan, Wang, Wenbin and Gang, Yi (2013) Maintenance strategy optimisation for infrastructure assets through cost modelling. Working Paper. Coventry, UK: University of Warwick, WBS. WBS Working Paper .
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Text (Working paper)
WRAP_Zhang_Wang_Yi_working paper.pdf - Other Download (964Kb) | Preview |
Abstract
In infrastructure asset management, maintenance strategies in terms of cost modelling is normally adopted to achieve two broad strategic objectives: to ensure that sufficient funding is available to maintain the portfolio of assets; and to ensure that a minimum cost is achieved while maintaining safety. The data and information required for carrying out cost modelling are often not sufficient in quantity and quality. Even if the data is available, the uncertainty associated with the data and the assessment of the assets’ condition remain a challenge to be dealt with. We report in this paper that cost modelling can be carried out at the initial stage instead of delaying it due to data insufficiency. Subjective experts’ knowledge is elicited and utilised together with some information which is gathered only for a small sample of assets. Linear Bayes methods is adopted to combine the sample data with the subjective experts’ knowledge to estimate unknown model parameters of the cost model. We use a case study from the rail industry to demonstrate the methods proposed in this paper. The assets are metal girders on bridges from a rail company. The optimal maintenance strategy is obtained via simulation based on estimated model parameters.
Item Type: | Working or Discussion Paper (Working Paper) | ||||
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Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HD Industries. Land use. Labor Q Science > QA Mathematics |
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Divisions: | Faculty of Social Sciences > Warwick Business School > Operational Research & Management Sciences Faculty of Social Sciences > Warwick Business School |
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Library of Congress Subject Headings (LCSH): | Business enterprises -- Finance, Business enterprises -- Finance -- Data processing, Assets (Accounting), Bayesian statistical decision theory, Economics -- Mathematical models | ||||
Series Name: | WBS Working Paper | ||||
Publisher: | University of Warwick, WBS | ||||
Place of Publication: | Coventry, UK | ||||
Official Date: | 2013 | ||||
Dates: |
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Number of Pages: | 26 | ||||
Status: | Not Peer Reviewed | ||||
Access rights to Published version: | Open Access (Creative Commons) |
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