Journal: Journal of Civil Engineering and Management

Abbreviation

J. Civ. Eng. Manag.

Publisher

Taylor & Francis

Journal Volumes

ISSN

1392-3730
1822-3605

Description

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20162
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Publications 1 - 2 of 2
  • A real option approach to determine optimal intervention windows for multi-national rail corridors
    Item type: Journal Article
    Lethanh, Nam; Adey, Bryan T. (2016)
    Journal of Civil Engineering and Management
    In this paper, a real option approach to determine the optimal time to execute interventions on rail infrastructure, when it is not known for certain which intervention is to be executed, is presented (i.e. the optimal intervention window). Such an approach is useful in the management of rail infrastructure that belongs to a multi-national rail corridor where multiple railway organizations, ideally, should coordinate their maintenance interventions, years in advance, to minimize service disruptions. The approach is based on an adaptation of the Black and Scholes differential equation model used to value European call options in financial engineering. It is demonstrated by determining the optimal intervention window for infrastructure in a fictive rail corridor.
  • The effect of management decision processes on the management of bridges
    Item type: Journal Article
    Jamali, Amin; Adey, Bryan T. (2016)
    Journal of Civil Engineering and Management
    It is necessary to execute interventions on bridges to ensure that they continue to provide an adequate level of service. It is necessary to inspect them to ensure that these interventions are timed appropriately. As there are negative impacts associated with both inspections and interventions, e.g. the impact on the owner due to the hours of labor and amounts of materials required to perform an inspection and execute an intervention, it is desirable to determine inspection and intervention strategies that minimize these negative impacts (i.e. the optimal management strategy). An important, however often overlooked, factor in determining optimal management strategies, is how management processes affect the determination of the optimal management strategy. In this article it is shown that it is not always possible to determine an optimal management strategy without explicitly taking into consideration management processes, how variations in management processes can be evaluated and that the significance of these variations is dependent on the values of the incurred impacts.
Publications 1 - 2 of 2