life cycle cost analysis - central atlantic bridge associates.pptVIP

Life Cycle Cost Analysis for Bridges In Search of Better Investment and Engineering Decisions What is Life Cycle Cost? An economic analysis procedure that uses engineering inputs Compares competing alternatives considering all significant costs Expresses results in equivalent dollars (present worth) Cost Considerations Present Worth Analysis Discounts all future costs and benefits to the present: t=n PW = FC + ? pwf [MC+IC+FRC+UC] + pwf [S] t=0 First (Initial) Cost Initial cost of structure Incentive/disincentive payments should not be included since they would reflect user benefits or costs prior to structure going into service Time Period of Analysis Normally equal for all alternatives Should include at least one major rehabilitation Needed to capture the true economic benefit of each alternative Bridge design today is based on a probabilistic model of 100 years Maintenance Costs Annual cost associated with the upkeep of the structure Information is difficult to obtain for a given project Cost varies on the basis of size of the structure (sqft) Best Guess Values Frequency - Annual Concrete 0.05 % of Initial Cost Structural Steel 0.05 % of Initial Cost Inspection Costs Requirements set forth in the National Bridge Inspection Standards (23 CFR 650.3) Occurs for all alternatives every two years Cost varies on the basis of size of the structure (sqft) and by construction material Best Guess Values Frequency - Biannual Concrete 0.15 % of Initial Cost Structural Steel 0.20 % of Initial Cost Future Painting Costs Only applies to structural steel structures but excludes weathering steel Should occur every 20 years Cost varies on the basis of size of the structure (sqft) Best Guess Values Frequency – every 20 years Concrete 0.0 % of Initial Cost Structural Steel 7.0 % of Initial Cost Future Rehabilitation Costs The frequency is not only a function of time but also the growing traffic volume and the structural beam system Cost varies on the basis of siz