Tag Archives: Availability Workbench

Reliability 2.0 paper “Monte Carlo Simulation as an Aid to Optimization”

This spring there will be a lot of activity in Las Vegas. Some will be calculating their losses from March Madness, others will be finishing Spring Break with a yard of ale on the strip and David Wiseman and I will preparing to present our paper “Monte Carlo Simulation as an Aid to Optimization” at this years Reliability 2.0 conference. Reliability 2.0 Agenda April 7-11, 2014

Monte Carlo simulation techniques allow computer programs to emulate plant behavior and quickly assess the effects of alternative PM policies. In this presentation we will demonstrate how to optimize PM intervals. We will also show how simulators may be used to optimize spare part storage levels – a vital consideration when restocking is subject to long lead times. Such optimization techniques can help to reduce maintenance and spare part storage costs, while taking into account safety, operational and environmental risk.

WeibullCurve

 

Isograph will be supporting this years Reliability 2.0 event by presenting 2 papers and exhibiting at the conference.