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Economic analysis of inland waterway system preservation and usage
Published in Zongzhi Li, Transportation Asset Management, 2018
Benefit–cost analysis: One of the most commonly used economic analysis approaches is the benefit–cost analysis. The benefit-to-cost (B/C) ratio is simply the equivalent benefits of a project divided by the equivalent costs of that project during the waterway facility service life. Benefit–cost comparisons are possible when the benefits of a waterway transportation improvement project can be assigned a monetary value. If the benefits of the project exceed its costs, the project is economically justifiable or cost-efficient. Furthermore, the ratio of each project provides a convenient basis for comparison, providing a means of the dollars of expected benefits of a project for each dollar spent on that project.
Project Organization
Published in Anghel Patrascu, Construction Cost Engineering Handbook, 1988
Cost analyst This is sometimes confused with the function of the cost-control engineer, as a cost report might be confused with cost analysis. In this book the cost analyst is the person, probably a junior estimator, who analyzes past and present projects to develop cost data and cost curves, and who updates estimating manuals or handbooks.
Matrix-geometric solution of multi-server queueing systems with Bernoulli scheduled modified vacation and retention of reneged customers: A meta-heuristic approach
Published in Quality Technology & Quantitative Management, 2021
Chandra Shekhar, Shreekant Varshney, Amit Kumar
Cost analysis is a systematic approach to estimate the strengths and weaknesses of decision variables. It is used to govern alternatives that provide the best approach to achieve benefits from the system. Cost analysis is the act of characterizing a cost incurred into its constituents and studying and reporting on each factor. For this purpose, we formulate a cost function for the governing model, in which four decision variables namely, number of servers (), service rates (, ) and mean vacation rate () are used. The decision variable is intuitively to be a positive integer () and the continuous decision variables , and are non-negative real numbers. Our main objective is to find out the optimal number of servers in the system (), the optimal values of service rates () and optimal vacation rate () so as to minimize the expected total cost. Moreover, we use various unit cost elements associated with several states of the system, having a significant idea about the system performance. The definition of the governing unit cost elements are as follows