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B0761 Working Party Report on the Life Cycle Costing of by Phil J. Jackman

By Phil J. Jackman

This EFC e-book addresses the $64000 topic of the research of lifestyles cycle rate of corrosion because it could be utilized within the oil and gasoline construction industries. The booklet isn't really meant to be a stand-alone record yet to steer the analyst to corrosion-specific matters for inclusion in an total research. the method of existence cycle costing has lately been standardised in ISO 15663, elements 1 to three.

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Extra info for B0761 Working Party Report on the Life Cycle Costing of Corrosion in the Oil and Gas Industry: A Guideline (EFC 32) (matsci)

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D. Craig and R. S. Thompson, ‘The importance of risk analysis in life cycle cost evaluation of carbon steel and CRA pipelines’, Proc. UK Corrosion and Etlrocorv 94,Institute of Materials, 1994. B. D. Craig and R. S. Thompson, ’The influence of risk analysis on the economics of carbon steel and CRA clad flowlines’, Proc. ,Paper No. 7788, OTC, 1995. T. Cheldi, P. Cavassi, L. Lazzari and L. Pezzotta, ’Use of decision tree analysis and Monte Carlo simulation for downhole material selection’, Proc. Corvosioiz 97, Paper no 18, NACE, 1997.

This may be particularly valuable when corrosion resistant materials have been used. Benefit derived from this recovery may be used to offset initial costs. 1 General Formulae that may be used for LCC calculations are provided in Annex C. no /norsok/ O / > . 4. Cost of lost production: E /hour E /hour /hour Note: Although lost production may result in a loss for the year in question it may result in a surplus of production at the end of the life of the facility or may permit increased production at a later date.

In all probability money will depreciate in value. The following formula may be applied to calculate the discounted cost: Discounted cost = where: CN, = net cost in year t (see note 1 below) 11 = the design life of the facility or function to be evaluated k = the discount rate/interest rate to be used for the evaluation t = the year for evaluation Note 1: CN, can be assumed to be the same for all the years, it can vary according to production, or it can have some other given variation throughout the lifetime.

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