2023
DOI: 10.3390/infrastructures8110158
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Structural Health Monitoring-Based Bridge Lifecycle Extension: Survival Analysis and Monte Carlo-Based Quantification of Value of Information

Antti Valkonen,
Branko Glisic

Abstract: A key goal of structural health monitoring (SHM) systems applied to infrastructure is to improve asset management. SHM systems yield benefits by providing information that allows improved asset management decisions. Often, improvement is measured in monetary terms, whereby lower expenses are sought. The value of information (VoI) is often evaluated through the quantification of the incremental benefit, resulting from the information provided by the SHM system. The VoI can be considered as having two components… Show more

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“…In other words, before investing in an SHM system, an owner or manager of a structure would like to estimate the expected long-term cost savings that will be enabled by that SHM system. Evaluation of these monetary benefits in the long term requires the development of methodologies that enable evaluation of the value of information provided by the SHM, which is not a trivial task and is still under development (e.g., see [29,30]).…”
Section: Challenges In Shm Applications To Infrastructuresmentioning
confidence: 99%
“…In other words, before investing in an SHM system, an owner or manager of a structure would like to estimate the expected long-term cost savings that will be enabled by that SHM system. Evaluation of these monetary benefits in the long term requires the development of methodologies that enable evaluation of the value of information provided by the SHM, which is not a trivial task and is still under development (e.g., see [29,30]).…”
Section: Challenges In Shm Applications To Infrastructuresmentioning
confidence: 99%