A decision support framework for prioritization of engineering asset management activities under uncertainty
Cholette, Michael E., Ma, Lin, Buckingham, Lawrence, Allahmanli, Lutfiye, Bannister, Andrew, & Xie, Gang (2015) A decision support framework for prioritization of engineering asset management activities under uncertainty. In Amadi-Echendu, Joe, Hoohlo, Changela, & Mathew, Joe (Eds.) 9th WCEAM Research Papers: Volume 1 Proceedings of 2014 World Congress on Engineering Asset Management, Springer International Publishing, Pretoria, South Africa, pp. 49-60.
Engineers and asset managers must often make decisions on how to best allocate limited resources amongst different interrelated activities, including repair, renewal, inspection, and procurement of new assets. The presence of project interdependencies and the lack of sufficient information on the true value of an activity often produce complex problems and leave the decision maker guessing about the quality and robustness of their decision. In this paper, a decision support framework for uncertain interrelated activities is presented. The framework employs a methodology for multi-criteria ranking in the presence of uncertainty, detailing the effect that uncertain valuations may have on the priority of a particular activity. The framework employs employing semi-quantitative risk measures that can be tailored to an organisation and enable a transparent and simple-to-use uncertainty specification by the decision maker. The framework is then demonstrated on a real world project set from a major Australian utility provider.
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|Item Type:||Conference Paper|
|Keywords:||Project prioritisation, Decision support, Uncertainty|
|Divisions:||Current > Schools > School of Chemistry, Physics & Mechanical Engineering
Current > QUT Faculties and Divisions > Science & Engineering Faculty
|Copyright Owner:||Copyright 2015 Springer International Publishing Switzerland|
|Copyright Statement:||The final publication is available at Springer via http://dx.doi.org/10.1007/978-3-319-15536-4_5|
|Deposited On:||26 Aug 2015 05:38|
|Last Modified:||24 Mar 2016 05:15|
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