Print Email Facebook Twitter Value of monitoring in asset management: A social costbenefit analysis approach Title Value of monitoring in asset management: A social costbenefit analysis approach Author Zouch, M. Courage, W. Nápoles, O.M. Publication year 2013 Abstract We present a framework to investigate new monitoring techniques for infrastructures and assess their potential value for the network management. This framework is based on a social cost benefit analysis tool that aims to (i) assist decision makers in selecting and developing cost-effective new monitoring techniques and (ii) provide managers with socially optimal maintenance and rehabilitation strategies that take into account output from these monitoring systems. Potential value of monitoring consists mainly in enabling condition-based strategies and providing more accurate and relevant information that should result in more cost-effective strategies. Monitoring provides information about either the structure degradation level or its environment. The condition of the structure is represented by a set of technical performance indicators that reflect its degradation level and are linked to a set of end-user service levels. Finally, the end-user service levels are valuated to optimize the cost and benefits of maintenance and rehabilitation strategies. Main feature of the tool we develop is to enable optimal, dynamic and reliabilitybased decisions that are reviewed and updated every time a new relevant information is available. Transition probabilities to predict future deterioration levels are estimated and updated using monitoring data to assess risks and optimize its expected cost. Moreover, the derived strategies are socially optimal and take into account indirect impacts of degradations and M&R strategies on the society and the environment. This is done by consideration and valuation of end-user service levels. We use Markov decision processes which are an appropriate framework for decision-making under uncertainty to incorporate reliability and risk measures within the optimization problem. Copyright © 2013, AIDIC Servizi S.r.l. Subject Building Engineering & Civil EngineeringSR - Structural ReliabilityTS - Technical SciencesBuildings and InfrastructureArchitecture and BuildingBuilt EnvironmentMaintenance and rehabilitation strategiesMarkov Decision ProcessesMonitoring techniquesOptimal maintenanceOptimization problemsStructure degradationTechnical performanceTransition probabilitiesCost benefit analysisCost effectivenessMaintenanceMarkov processesMonitoringNetwork managementRisk assessmentRisk perceptionToolsOptimization To reference this document use: http://resolver.tudelft.nl/uuid:1e74fcda-99e1-4c4b-a0db-c7868f8403a6 DOI https://doi.org/10.3303/cet1333064 TNO identifier 480170 ISSN 1974-9791 Source Chemical Engineering Transactions, 33, 379-384 Document type article Files To receive the publication files, please send an e-mail request to TNO Library.