A model assessing cost of operating marine systems using data obtained from Monte Carlo analysis. (November 2014)

• Record Type: Journal Article
• Authors: McNamara, Daniel; Cunningham, Andrew; Jenkinson, Ian; Wang, Jin
• Is Part Of: Proceedings of the Institution of Mechanical Engineers. Volume 228:Number 4(2014:Nov.)
• Page Start: 398
• Page End: 412
• Publication Date: 2014-11
• Subjects: Monte Carlo analysis -- delay-time analysis -- marine -- maintenance -- inspection -- spare parts -- cost–benefit; Marine engineering -- Periodicals; 623.805
• DOI: 10.1177/1475090213509609
• Languages: English
• ISSNs: 1475-0902

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.