TY - JOUR
T1 - Stochastic renewal process models for estimation of damage cost over the life-cycle of a structure
AU - Pandey, Mahesh D.
AU - van der Weide, J.A.M.
PY - 2017/7/1
Y1 - 2017/7/1
N2 - In the life-cycle cost analysis of a structure, the total cost of damage caused by external hazards like earthquakes, wind storms and flood is an important but highly uncertain component. In the literature, the expected damage cost is typically analyzed under the assumption of either the homogeneous Poisson process or the renewal process in an infinite time horizon (i.e., asymptotic solution). The paper reformulates the damage cost estimation problem as a compound renewal process and derives general solutions for the mean and variance of total cost, with and without discounting, over the life cycle of the structure. The paper highlights a fundamental property of the renewal process, referred to as renewal decomposition, which is a key to solving a wide range of life cycle analysis problems. The proposed formulation generalizes the results given in the literature, and it can be used to optimize the design and life cycle performance of structures.
AB - In the life-cycle cost analysis of a structure, the total cost of damage caused by external hazards like earthquakes, wind storms and flood is an important but highly uncertain component. In the literature, the expected damage cost is typically analyzed under the assumption of either the homogeneous Poisson process or the renewal process in an infinite time horizon (i.e., asymptotic solution). The paper reformulates the damage cost estimation problem as a compound renewal process and derives general solutions for the mean and variance of total cost, with and without discounting, over the life cycle of the structure. The paper highlights a fundamental property of the renewal process, referred to as renewal decomposition, which is a key to solving a wide range of life cycle analysis problems. The proposed formulation generalizes the results given in the literature, and it can be used to optimize the design and life cycle performance of structures.
KW - Discounted cost
KW - Expected cost
KW - Life cycle analysis
KW - Renewal function rate
KW - Renewal process
KW - Seismic risk
KW - Stochastic process
KW - Structural safety
UR - http://www.scopus.com/inward/record.url?scp=85016820166&partnerID=8YFLogxK
UR - http://resolver.tudelft.nl/uuid:da12a36e-38d1-45cb-a366-c3458e851226
U2 - 10.1016/j.strusafe.2017.03.002
DO - 10.1016/j.strusafe.2017.03.002
M3 - Article
AN - SCOPUS:85016820166
SN - 0167-4730
VL - 67
SP - 27
EP - 38
JO - Structural Safety
JF - Structural Safety
ER -