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Optimizing Budget Allocations in Naval Configuration Management

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posted on 2023-05-22, 12:52 authored by Colin, A, Willett, R, Lambrineas, P
This paper describes a case study illustration of a technique that can be used to optimize capital expenditure budget decisions for engineering assets under multivariate objectives and uncertain costs. We define measures of capability increase relative to mission types and measures for risk, return and pseudo-correlation on potential maintenance upgrades, allowing portfolio optimization techniques from finance to be applied to asset management decisions. The results provide a risk-reward ratio for investment allocation decisions that is optimal. The work is aimed at capability management for naval platforms, but the technique has broader applicability in the field of asset management and multi-criteria decision making.

History

Publication title

Definitions, Concepts and Scope of Engineering Asset Management

Volume

Engineering Asset Management Review 1

Editors

JE Amadi-Echendu, K Brown, R Willett, J Mathew

Pagination

95-113

ISBN

978-1849961776

Department/School

TSBE

Publisher

Springer

Place of publication

London

Extent

20

Rights statement

Copyright 2010 Springer-Verlag London Limited

Repository Status

  • Restricted

Socio-economic Objectives

Management and productivity not elsewhere classified

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