Stochastic renewal process models for life cycle cost and utility analysis Pandey, Mahesh D.; Wang, Z.; Cheng, T.
The paper presents a systematic formulation of the life cycle cost and utility analysis based on the theory of stochastic renewal processes. The paper derives integral equations for expected cost and net present value, variance and expected utility over a given period. The proposed formulation can be used to optimize the design and rehabilitation activities to improve the life cycle performance of structures that are vulnerable to external hazards, such as earthquakes, winds storms and floods.
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