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Techno-Economic Feasibility Assessment of Life Extension Decision for Safety Critical Assets

Animah, Isaac and Shafiee, Mahmood and Simms, Nigel and Considine, Mike (2016) Techno-Economic Feasibility Assessment of Life Extension Decision for Safety Critical Assets. In: Walls, Lesley and Revie, Matthew and Bedford, Tim, eds. Risk, Reliability and Safety: Innovating Theory and Practice. CRC Press, London, pp. 1248-1255. ISBN 978-1-138-02997-2. (doi:10.1201/9781315374987) (KAR id:87510)

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Life extension is one of the major end-of-life decisions in management of the industrial assets which must be made based on all information gathered from system operation and maintenance to ensure that the process is feasible. Most of the existing life extension feasibility assessment models are restricted solely to either “technical” or “economic” considerations, which may lead to inaccurate conclusion or misleading recommendations. In this paper, a techno-economic feasibility assessment framework is developed for life extension decision-making of safety critical assets. All aspects of data collection and review, screening and prioritization of safety critical assets, condition assessment, estimation of remaining useful life and risk analysis are incorporated in the technical assessment. A cost-benefit analysis is also applied to calculate all the costs and benefits of a life extension programme. The decision to qualify an asset for continuous operation beyond its service life is made based on a life extension index which is calculated by combining two indexes of equipment health condition and economic added-value derived respectively from the technical and economic assessments. For the purpose of clarity, the proposed model is applied to a water deluge system on an offshore oil platform.

Item Type: Book section
DOI/Identification number: 10.1201/9781315374987
Uncontrolled keywords: Techno-economic analysis; life-extension; safety-critical elements (SCE); reliability; maintenance
Subjects: T Technology > TA Engineering (General). Civil engineering (General) > TA165 Engineering instruments, meters etc. Industrial instrumentation
T Technology > TA Engineering (General). Civil engineering (General) > TA401 Materials engineering and construction
T Technology > TJ Mechanical engineering and machinery
Divisions: Divisions > Division of Computing, Engineering and Mathematical Sciences > School of Engineering and Digital Arts
Depositing User: Mahmood Shafiee
Date Deposited: 08 Apr 2021 19:50 UTC
Last Modified: 18 Mar 2022 23:11 UTC
Resource URI: (The current URI for this page, for reference purposes)
Shafiee, Mahmood:
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