Life Cycle Cost Analysis Using Advanced Simulation

Description:

Continuing competition and market globalization mean that operators of refineries and petrochemical facilities are under pressure to operate and maintain their plants with increased attention to the management of costs. The challenge is to run plants safely, at minimum cost, whilst maximizing product throughput over extended periods of time. One technique that can be used to assist with ensuring that correct financial decisions are made is Life Cycle Cost (LCC) analysis. This paper reviews the information required to undertake LCC analysis and illustrates the application of advanced Reliability, Availability and Maintainability (RAM) simulation tools to problems typically encountered on petrochemical and refinery facilities.