Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/25192
Title: Selecting the best alternative based on life-cycle cost distributions of alternatives
Authors: Jiang, R
Zhang, WJ
Ji, P 
Keywords: Budget over-run
Budget under-run
Compromise over-budget quantity
Life-cycle cost
Issue Date: 2004
Publisher: Elsevier
Source: International journal of production economics, 2004, v. 89, no. 1, p. 69-75 How to cite?
Journal: International journal of production economics 
Abstract: Life-cycle cost (LCC) analysis can be used to select the best alternative among a set of candidates. The LCC is often treated as a random variable due to uncertainties. As a result, it is often represented by a distribution (or its first four moments) rather than a deterministic value. It is a challenge how to select the best alternative based on a set of given distributions. Mathematically, this deals with comparing magnitudes of the random variables representing the LCCs of alternatives. This paper develops an analytical framework to tackle this problem. The approach is illustrated by a numerical example.
URI: http://hdl.handle.net/10397/25192
ISSN: 0925-5273
DOI: 10.1016/S0925-5273(03)00202-0
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