Using Adaptive Replacement to Minimize Risk in the Oil and Gas Industry

Authors

Thomas Mazzuchi
George Washington University, 20052, Washington D.C., U.S.A.
Refik Soyer
George Washington University, 20052, Washington D.C., U.S.A.
Neville Robinson
Flinders University, 5042, Bedford Park, Australia
Khalid Aboura
American University of Armenia, 0019, Yerevan, Armenia
DOI: https://doi.org/10.21467/abstracts.93.102

Synopsis

Mazzuchi and Soyer (1996) presented a decision theoretic approach for determining optimal replacement strategies under replacement and repair scenarios. The Bayesian approach, adaptive in nature, takes into account failure and survival information at each planned replacement stage to update the optimal time until the next planned replacement.

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Publication
Abstracts of The Second Eurasian RISK-2020 Conference and Symposium
PDF
Published
April 12, 2020
Series
AIJR Abstracts
Copyright (c) 2020 held by the author(s) of the individual abstract
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