%I EDP Sciences
%A F. Mulubrhan
%A A.A. Mokhtar
%A M. Muhammad
%V 74
%T Fuzzy Activity Based Life Cycle Costing for Repairable Equipment
%J MATEC Web of Conferences
%L scholars6868
%O cited By 3; Conference of 3rd International Conference on Mechanical Engineering Research, ICMER 2015 ; Conference Date: 18 August 2015 Through 19 August 2015; Conference Code:123507
%R 10.1051/matecconf/20167400007
%D 2016
%X Life-cycle cost (LCC) is the much known method used for decision making that considers all costs in the life of a system or equipment. Predicting LCCs is fraught with potential errors, owing to the uncertainty in future events, future costs, interest rates, and even hidden costs. These uncertainties have a direct impact on the decision making. Activity based LCC is used to identify the activities and cost drivers in acquisition, operation and maintenance phase. This activity based LCC is integrated with fuzzy set theory and interval mathematics to model these uncertainties. Day-Stout-Warren (DSW) algorithm and the vertex method are then used to evaluate competing alternatives. A case of two pumps (Pump A and Pump B) are taken and their LCC is analysed using the developed model. The equivalent annual cost of Pump B is greater than Pump A, which leads the decision maker to choose Pump A over Pump B. © 2016 The Authors, published by EDP Sciences.
%K Behavioral research; Costs; Decision making; Engineering research; Fuzzy sets; Life cycle; Pumps; Set theory, Decision makers; Developed model; Interest rates; Interval mathematics; Life cycle costing; Life cycle costs (LCC); Operation and maintenance; Potential errors, Fuzzy set theory