Probabilistic life cycle costing: A case study of centrifugal pumps

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 determinist...

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Main Authors: Mokhtar, A.A., Mulubran, F., Muhammad, M.
Format: Article
Institution: Universiti Teknologi Petronas
Record Id / ISBN-0: utp-eprints.23472 /
Published: Springer Verlag 2019
Online Access: https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054192795&doi=10.1007%2f978-981-13-2357-7_4&partnerID=40&md5=7a47af15b88d3ab569bc1115446ab4af
http://eprints.utp.edu.my/23472/
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spelling utp-eprints.234722021-08-19T07:39:55Z Probabilistic life cycle costing: A case study of centrifugal pumps Mokhtar, A.A. Mulubran, F. Muhammad, M. 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. Springer Verlag 2019 Article NonPeerReviewed https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054192795&doi=10.1007%2f978-981-13-2357-7_4&partnerID=40&md5=7a47af15b88d3ab569bc1115446ab4af 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. http://eprints.utp.edu.my/23472/
institution Universiti Teknologi Petronas
collection UTP Institutional Repository
description 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.
format Article
author Mokhtar, A.A.
Mulubran, F.
Muhammad, M.
spellingShingle Mokhtar, A.A.
Mulubran, F.
Muhammad, M.
Probabilistic life cycle costing: A case study of centrifugal pumps
author_sort Mokhtar, A.A.
title Probabilistic life cycle costing: A case study of centrifugal pumps
title_short Probabilistic life cycle costing: A case study of centrifugal pumps
title_full Probabilistic life cycle costing: A case study of centrifugal pumps
title_fullStr Probabilistic life cycle costing: A case study of centrifugal pumps
title_full_unstemmed Probabilistic life cycle costing: A case study of centrifugal pumps
title_sort probabilistic life cycle costing: a case study of centrifugal pumps
publisher Springer Verlag
publishDate 2019
url https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054192795&doi=10.1007%2f978-981-13-2357-7_4&partnerID=40&md5=7a47af15b88d3ab569bc1115446ab4af
http://eprints.utp.edu.my/23472/
_version_ 1741196681127395328
score 11.62408

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