Life Cycle Costing as a Tool for Selecting the Best Available and Qualified Technique for Managing Physical Assets
Volume 8, Number 3, May 2012 - Paper 3 - pp. 249-264
SAMINDI M. K. SAMARAKOON, TORE MARKESET and OVE T. GUDMESTADDepartment of Mechanical and Structural Engineering and Materials Science, Faculty of Science and Technology, University of Stavanger, Norway
(Received on February 07, 2011, revised on August 24, 2011 and on February 14, 2012)
Frequent technological advancements demand extended qualification processes for newly introduced techniques. In this context, European Union’s Integrated Pollution Prevention and Control (IPPC) directive provides a backbone for evaluating Best Available Technique (BAT) and making sustainable decisions. The selection of BAT is a challenging process, as frequent technological advancements result in numerous innovative solutions. This manuscript illustrates the use of life cycle costing (LCC) as a tool for selecting the best available and qualified technique (BAQT) from several technically viable alternatives. An industrial case study is carried out to demonstrate how to use LCC effectively while comparing two alternatives in initial phase of a project. The manuscript also illustrates how to integrate health, safety and environmental (HSE) aspects in parallel with LCC principles and make sustainable decisions.
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