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A statistical activity cost analysis of engineering assets

Citation

Colin, A and Falta, M and Su, S and Turner, L and Willett, RJ and Wolff, R, A statistical activity cost analysis of engineering assets, Definitions, concepts and scope of engineering asset management, Springer, JE Amadi-Echendu, K Brown, R Willett, J Mathew (ed), London, pp. 123-135. ISBN 978-1849961776 (2010) [Research Book Chapter]

Copyright Statement

Copyright 2010 Springer-Verlag London Limited

DOI: doi:10.1007/978-1-84996-178-3_7

Abstract

In this paper, Statistical Activity Cost Analysis (SACA) is used to identify the interaction of mutually dependent physical and financial aspects of a fixed asset-like system configuration. The novelty of the approach is, having established a rational description of the uncertainty inherent in both domains, the analysis of their interaction. Little research to date has investigated the duality of engineering and accounting aspects, in a statistical setting. Our approach is conceptual rather than empirical. We use an illustrative 4-component model, a) to explain the concept of SACA by means of a software demonstration tool, b) to relate financial issues of cost to engineering asset capacity to perform specified tasks, and c) to demonstrate how to produce quantified measures of return and risk, both of which are relevant in areas of life-cycle analysis, budgeting and planning decision-making.

Item Details

Item Type:Research Book Chapter
Keywords:statistical activity cost analysis, dualism reliability-cost, uncertainty, risk an return, financial and physical relationships
Research Division:Commerce, Management, Tourism and Services
Research Group:Business and Management
Research Field:Business and Management not elsewhere classified
Objective Division:Economic Framework
Objective Group:Management and Productivity
Objective Field:Management and Productivity not elsewhere classified
Author:Willett, RJ (Professor Roger Willett)
ID Code:71260
Year Published:2010
Deposited By:Research Division
Deposited On:2011-07-12
Last Modified:2015-02-20
Downloads:1 View Download Statistics

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