A model assessing cost of operating marine systems using data obtained from Monte Carlo analysis

This article presents a methodology for analysing the cost of operating marine systems under varying conditions. Data obtained from a previously developed Monte Carlo analysis are applied to assess the operational costs for various maintenance and inspection policies. The concept of total insured value is also applied to determine the cost attributed to risk. The aim is to show that Monte Carlo analysis can be adapted to provide information on various factors affecting operational costs to be used for decision-making to optimise the efficiency of marine systems. A method of modelling the effects of lead times due to un-stocked items has also been included to increase the scope of the analysis.

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Availability:
- Find a library where document is available. Order URL: http://worldcat.org/issn/14750902
Supplemental Notes:
- Reprinted by permission of Sage Publications, Ltd.
Authors:
- McNamara, Daniel
- Cunningham, Andrew
- Jenkinson, Ian
- Wang, Jin
Publication Date: 2014-11

Language

English

Media Info

Media Type: Digital/other
Features: Figures; References; Tables;
Pagination: pp 398-412
Serial:
- Proceedings of the Institution of Mechanical Engineers, Part M: Journal of Engineering for the Maritime Environment
- Volume: 228
- Issue Number: 4
- Publisher: Sage Publications, Incorporated
- ISSN: 1475-0902
- EISSN: 2041-3084
- Serial URL: http://pim.sagepub.com/

Subject/Index Terms

TRT Terms: Benefit cost analysis; Financial analysis; Inspection; Insurance rates; Maintenance; Maritime industry; Monte Carlo method; Operating costs
Subject Areas: Economics; Finance; Marine Transportation; Planning and Forecasting; I10: Economics and Administration;

Filing Info

Accession Number: 01541770
Record Type: Publication
Files: TRIS
Created Date: Oct 23 2014 9:11AM