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Downside financial loss of sensor networks in the presence of gross errors
Author(s) -
NguyenThanh Duy Quang,
Siemad Kitipat,
Bagajewicz M.
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.10992
Subject(s) - work (physics) , simple (philosophy) , finance , econometrics , computer science , mathematics , actuarial science , economics , engineering , mechanical engineering , philosophy , epistemology
Theoretical expressions for assessing the expected financial loss associated with the accuracy of the instrumentation and the associated probability in the presence of two and more gross errors have been developed in previous work. However, these expressions were given in a form of integrals without closed‐form solutions. This article presents a generalized method to calculate the expected financial loss and the associated probability when two or more gross errors are present in a system. The application of financial loss calculation in the design and retrofit of a sensor network is illustrated in a simple example. © 2006 American Institute of Chemical Engineers AIChE J, 2006