A Statistical Activity Cost Analysis of engineering assets

Andrew Colin; Michael Falta; Steve Su; Lyle Turner; Roger J. Willett; Rodney Wolff

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

A Statistical Activity Cost Analysis of engineering assets

Andrew Colin, Michael Falta, Steve Su, Lyle Turner, Roger J. Willett, Rodney Wolff

Research output: Chapter in Book/Report/Conference proceeding › Chapter (Book) › Research › peer-review

1 Citation (Scopus)

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.

Original language	English
Title of host publication	Definitions, Concepts and Scope of Engineering Asset Management
Editors	Joe E. Amadi-Echendu, Kerry Brown, Roger Willett, Joseph Mathew
Place of Publication	London UK
Publisher	Springer-Verlag London Ltd.
Pages	123-135
Number of pages	13
ISBN (Electronic)	9781849961783
ISBN (Print)	9781849961776
DOIs	https://doi.org/10.1007/978-1-84996-178-3_7
Publication status	Published - Dec 2010
Externally published	Yes

Publication series

Name	Engineering Asset Management Review
Volume	1
ISSN (Print)	2190-7846
ISSN (Electronic)	2190-7854

Keywords

Dualism Reliability-Cost
Financial and Physical Relationships
Risk an Return
Statistical Activity Cost Analysis
Uncertainty

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1007/978-1-84996-178-3_7

Cite this

Colin, A., Falta, M., Su, S., Turner, L., Willett, R. J., & Wolff, R. (2010). A Statistical Activity Cost Analysis of engineering assets. In J. E. Amadi-Echendu, K. Brown, R. Willett, & J. Mathew (Eds.), Definitions, Concepts and Scope of Engineering Asset Management (pp. 123-135). (Engineering Asset Management Review; Vol. 1). Springer-Verlag London Ltd.. https://doi.org/10.1007/978-1-84996-178-3_7

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title = "A Statistical Activity Cost Analysis of engineering assets",

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.",

keywords = "Dualism Reliability-Cost, Financial and Physical Relationships, Risk an Return, Statistical Activity Cost Analysis, Uncertainty",

author = "Andrew Colin and Michael Falta and Steve Su and Lyle Turner and Willett, {Roger J.} and Rodney Wolff",

year = "2010",

month = dec,

doi = "10.1007/978-1-84996-178-3_7",

language = "English",

isbn = "9781849961776",

series = "Engineering Asset Management Review",

publisher = "Springer-Verlag London Ltd.",

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editor = "Amadi-Echendu, {Joe E.} and Kerry Brown and Roger Willett and Joseph Mathew",

booktitle = "Definitions, Concepts and Scope of Engineering Asset Management",

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}

Colin, A, Falta, M, Su, S, Turner, L, Willett, RJ & Wolff, R 2010, A Statistical Activity Cost Analysis of engineering assets. in JE Amadi-Echendu, K Brown, R Willett & J Mathew (eds), Definitions, Concepts and Scope of Engineering Asset Management. Engineering Asset Management Review, vol. 1, Springer-Verlag London Ltd., London UK, pp. 123-135. https://doi.org/10.1007/978-1-84996-178-3_7

A Statistical Activity Cost Analysis of engineering assets. / Colin, Andrew; Falta, Michael; Su, Steve et al.
Definitions, Concepts and Scope of Engineering Asset Management. ed. / Joe E. Amadi-Echendu; Kerry Brown; Roger Willett; Joseph Mathew. London UK: Springer-Verlag London Ltd., 2010. p. 123-135 (Engineering Asset Management Review; Vol. 1).

Research output: Chapter in Book/Report/Conference proceeding › Chapter (Book) › Research › peer-review

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AU - Falta, Michael

AU - Su, Steve

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KW - Risk an Return

KW - Statistical Activity Cost Analysis

KW - Uncertainty

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ER -

A Statistical Activity Cost Analysis of engineering assets

Abstract

Publication series

Keywords

UN SDGs

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