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

UN SDGs

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

SDG 12 Responsible Consumption and Production

Keywords

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

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

@inbook{c1971a31a8da4382ab913d76e2a288d7,

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.",

pages = "123--135",

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

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

address = "Germany",

}

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

TY - CHAP

T1 - A Statistical Activity Cost Analysis of engineering assets

AU - Colin, Andrew

AU - Falta, Michael

AU - Su, Steve

AU - Turner, Lyle

AU - Willett, Roger J.

AU - Wolff, Rodney

PY - 2010/12

Y1 - 2010/12

N2 - 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.

AB - 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.

KW - Dualism Reliability-Cost

KW - Financial and Physical Relationships

KW - Risk an Return

KW - Statistical Activity Cost Analysis

KW - Uncertainty

UR - https://www.scopus.com/pages/publications/84874390971

U2 - 10.1007/978-1-84996-178-3_7

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

M3 - Chapter (Book)

AN - SCOPUS:84874390971

SN - 9781849961776

T3 - Engineering Asset Management Review

SP - 123

EP - 135

BT - Definitions, Concepts and Scope of Engineering Asset Management

A2 - Amadi-Echendu, Joe E.

A2 - Brown, Kerry

A2 - Willett, Roger

A2 - Mathew, Joseph

PB - Springer-Verlag London Ltd.

CY - London UK

ER -

A Statistical Activity Cost Analysis of engineering assets

Abstract

Publication series

UN SDGs

Keywords

Access to Document

Other files and links

Cite this