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

McNamara, D and Cunningham, A and Jenkinson, I and Wang, J (2014) A model assessing cost of operating marine systems using data obtained from Monte Carlo analysis. PROCEEDINGS OF THE INSTITUTION OF MECHANICAL ENGINEERS PART M-JOURNAL OF ENGINEERING FOR THE MARITIME ENVIRONMENT, 228 (4). pp. 398-412. ISSN 1475-0902

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Abstract

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.

Item Type: Article
Additional Information: Copyright Sage Publications. Article available at: http://dx.doi.org/10.1177/1475090213509609
Uncontrolled Keywords: 0911 Maritime Engineering, 0915 Interdisciplinary Engineering
Subjects: H Social Sciences > HE Transportation and Communications
H Social Sciences > HG Finance
V Naval Science > VM Naval architecture. Shipbuilding. Marine engineering
Divisions: Maritime and Mechanical Engineering
Publisher: SAGE PUBLICATIONS LTD
Related URLs:
Date Deposited: 28 May 2015 07:40
Last Modified: 07 Sep 2017 17:16
DOI or Identification number: doi.org/10.1177/1475090213509609
URI: http://researchonline.ljmu.ac.uk/id/eprint/1158

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