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Edwards, D J, Holt, G D and Harris, F C (2000) Estimating life cycle plant maintenance costs. Construction Management and Economics, 18(04), 427-35.
- Type: Journal Article
- Keywords: plant maintenance; financial management; machine cost; estimation; time series analysis
- ISBN/ISSN: 0144-6193
- URL: https://doi.org/10.1080/01446190050024842
- Abstract:
The financial success or otherwise of a maintenance strategy can be determined realistically only when actual costs are compared with target ’predicted’ values. This is because, in the absence of accurate cost control mechanisms, maintenance expenditure can exceed capital cost. In order to address this problem, a methodology is presented for predicting life cycle maintenance expenditure over the useful life of tracked hydraulic excavators. First, time series analysis (using a moving centred average) illustrates that the trend in maintenance cost expenditure is difficult to isolate due to large perturbations in periodic unscheduled maintenance. Such expenditure accounts for 92% of total maintenance cost. Second, cumulative costs of maintenance are modelled using a cubic equation, with time (in hours) as the predictor (xn ) variable. Model performance is robust with a coefficient of determination (R2) of 0.99 and a mean percentage error (MPE) of minus 3.94. The paper concludes with direction for future research in this field, particularly with respect to expanding the model’s application to machines of various weights, manufacturers and machines operating in other industries, and determination of criteria with which to predict when a plant item will reach the end of its useful life.
Lingard, H, Graham, P and Smithers, G (2000) Employee perceptions of the solid waste management system operating in a large Australian contracting organization: implications for company policy implementation. Construction Management and Economics, 18(04), 383-93.
Loosemore, M, Nguyen, B T and Denis, N (2000) An investigation into the merits of encouraging conflict in the construction industry. Construction Management and Economics, 18(04), 447-56.
Love, P E D and Li, H (2000) Quantifying the causes and costs of rework in construction. Construction Management and Economics, 18(04), 479-90.
Manavazhi, M R (2000) Hybrid modelling framework for synthesizing virtual structures. Construction Management and Economics, 18(04), 415-26.
Ranasinghe, M (2000) Impact of correlation and induced correlation on the estimation of project cost of buildings. Construction Management and Economics, 18(04), 395-406.
Shapira, A and Goldfinger, D (2000) Work-input model for assembly and disassembly of high shoring towers. Construction Management and Economics, 18(04), 467-77.
Tah, J H M and Carr, V (2000) A proposal for construction project risk assessment using fuzzy logic. Construction Management and Economics, 18(04), 491-500.
Tam, C M, Deng, Z M, Zeng, S X and Ho, C S (2000) Quest for continuous quality improvement for public housing construction in Hong Kong. Construction Management and Economics, 18(04), 437-46.
Wanous, M, Boussabaine, A H and Lewis, J (2000) To bid or not to bid: a parametric solution. Construction Management and Economics, 18(04), 457-66.
Wong, E T T, Norman, G and Flanagan, R (2000) A fuzzy stochastic technique for project selection. Construction Management and Economics, 18(04), 407-14.