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Value of accuracy in linear systems
Author(s) -
Bagajewicz Miguel
Publication year - 2006
Publication title -
aiche journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.958
H-Index - 167
eISSN - 1547-5905
pISSN - 0001-1541
DOI - 10.1002/aic.10674
Subject(s) - upgrade , context (archaeology) , value (mathematics) , connection (principal bundle) , work (physics) , revenue , operations research , computer science , industrial engineering , reliability engineering , engineering , mathematics , economics , mechanical engineering , statistics , accounting , geology , paleontology , operating system
Abstract A connection between precision and downside expected lost revenue for linear systems was developed in previous work. Having the value of precision and accuracy in economic terms helps justify the upgrade of instrumentation and/or the increase in corrective maintenance repair rate. The connection between accuracy and economic value is extended in this article to the case where biases are present and in the context of existing corrective maintenance capabilities. © 2005 American Institute of Chemical Engineers AIChE J, 2006