COST-EFFECTIVENESS OF CONDITION MONITORING SYSTEMS IN PETROCHEMICAL PLANTS

الموضوعات

علوم تطبيقية وتكنولوجية

الملخص

The petrochemical industry operates under harsh conditions where equipment reliability has a direct influence over production efficiency, safety, and cost management. Unplanned and unexpected failures in such environments can result in significant financial and operational losses. As a result, Condition Monitoring Systems (CMS) have emerged as a critical solution to support predictive maintenance and avoid unplanned downtime. However, the cost-effectiveness of the implementation of CMS is not well documented in literature and implementation may be limited due to the high upfront investment costs of these systems. This study aims to investigate the cost-effectiveness of CMS implementation in petrochemical plants through employing a quantitative case-based methodology. Three real-world maintenance cases involving critical rotating machinery were analyzed using financial metrics such as Net Present Value (NPV), Internal Rate of Return (IRR), Return on Investment (ROI), Benefit-Cost Ratio (BCR), and Payback Period. In order to account for uncertainties that are inherent in industrial environments such as the petrochemical industry, which include fluctuations in product market price, downtime days, and discount rates, a Monte Carlo Simulation was also conducted, simulating 100,000 possible scenarios. The case-based Cost-Benefit Analysis (CBA) revealed a positive NPV of BHD 2.2 million, a BCR of 1.83, a ROI of 61%, and a payback period of less than two years for a 5 year assumed time period. Thus, confirming the cost-effectiveness of the implementation of CMS in a petrochemical plant. The MCS further reinforced these results with 82.16% of simulated outcomes yielding a positive NPV and a mean NPV of BHD 1.68 million. These results demonstrate that implementing CMS can significantly reduce financial losses that may occur from unplanned downtimes.

روابط وملفات

التعريف والنوع

رقم الوثيقة

0bf8fffc-cd7c-4a7a-859f-cd8f3031b0ec

رقم العقد

0

نوع الوسائط

Crawler

نوع المحتوى

الرسائل العلمية

صيغة المصدر

رسائل ماجيستير

نوع الملف

pdf text

أسماء الملفات

0bf8fffc-cd7c-4a7a-859f-cd8f3031b0ec_1.pdf

بيانات النشر

ألقاب المؤلفين

[{"name_ar":"Shahid Maqsood","title_ar":"اشراف","title_en":"Supervision"},{"name_ar":"Yusuf Ahmed Abdulla","title_ar":"اعداد","title_en":"Preparation"}]

اللغة

English

المصدر والدورية

اسم المصدر

COST-EFFECTIVENESS OF CONDITION MONITORING SYSTEMS IN PETROCHEMICAL PLANTS

المحتوى والصفحات

عدد الصفحات

0

كلمات الباحثين

Petrochemical industry - Condition Monitoring Systems (CMS); Predictive maintenanceCost-effectiveness - Financial analysis - Cost-Benefit Analysis (CBA)

إشراف وإعداد

الإشراف

Shahid Maqsood

الإعداد

Yusuf Ahmed Abdulla

الاقتباسات الببليوغرافية