Using Indicators to Deal with Uncertainty in the Capital Renewals Planning of an Industrial Water Supply System: Testing the Infrastructure Value Index

Vieira, João; Almeida, N.; Silva, Jaime Gabriel; Castro, Cristina; Lima, Branca; Trindade, Manuela

doi:10.1007/978-3-030-48021-9_26

Cited by 3 publications

(5 citation statements)

References 17 publications

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“…The considerations about results of IVI for groups of similar components and overall infrastructures are frequent in the literature (Alegre et al, 2014;Cabrera Rochera et al, 2019;Vieira et al, 2020aVieira et al, , 2020b. Those approaches help to focus managers' attention on problematic areas and compare different infrastructures.…”

Section: Results Of Optimisation Modelsmentioning

confidence: 99%

“…Vieira et al. (2020a, 2020b) and Costa (2021) present formulations for replacement costs that consider different parameters for renewals, replacements and expansions. We used expression (23), proposed by Costa (2021), to reflect how the replacement cost of an asset

i

changes from period

t

t+1

after the execution of an investment project.…”

Section: Methodsmentioning

confidence: 99%

“…1 Regarding the use of the IVI for investment planning, Alegre et al (2014) discuss how this indicator varies over time as a consequence of a given investment plan, using the estimation of an infrastructure's level of service to predict the long-term IVI. New formulations for long-term IVI considering the effect of capital investments were proposed by Vieira et al (2020aVieira et al ( , 2020b and Costa (2021). The authors discuss the impact of a set of planned projects on the IVI, but the selection of optimum project portfolios is not explored.…”

Section: Applications Of Decision Models For Investment Project Selec...mentioning

confidence: 99%

“…Although we chose to keep those costs constant for the specification of the optimisation models, as this simplifies computations by avoiding non-linear expressions, we use a more robust specification of replacement costs for the analysis of the evolution of the IVI in a post-optimisation stage. Vieira et al (2020aVieira et al ( , 2020b and Costa (2021) present formulations for replacement costs that consider different parameters for renewals, replacements and expansions. We used expression (23), proposed by Costa (2021), to reflect how the replacement cost of an asset i changes from period t to t + 1 after the execution of an investment project.…”

Section: Analysis Of the Ivi Evolution During The Planning Periodmentioning

confidence: 99%

“…New formulations for long‐term IVI considering the effect of capital investments were proposed by Vieira et al. (2020a, 2020b) and Costa (2021). The authors discuss the impact of a set of planned projects on the IVI, but the selection of optimum project portfolios is not explored.…”

Section: Literature Reviewmentioning

confidence: 99%

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Optimisation models for project selection in asset management: an application to the water sector

Vilarinho,

Barbosa,

Nóvoa

et al. 2023

Int Trans Operational Res

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A significant challenge in asset management is the selection of investment projects for infrastructures, which often relies on subjective judgement and lacks structured decision support methods. This challenge is particularly complex in water systems due to the diverse and heterogeneous nature of the components requiring investment. While the infrastructure value index (IVI) is widely used to characterise assets and support investment decisions in the water sector, its application in optimisation models for generating efficient project portfolios remains unexplored. To address this research gap, this study introduces optimisation models for generating investment portfolio plans in water systems' asset management. The proposed approach includes two mixed‐integer linear programming (MILP) models that determine optimal solutions and an evolutionary algorithm that offers sub‐optimal alternative investment selection plans to provide decision‐makers with additional choices for balancing optimal outcomes. The primary contribution of this research is the combined utilisation of MILP and evolutionary algorithms, integrating the IVI into the decision‐making process. These tools provide decision‐makers with structured methods for defining investment plans and minimising the subjective elements typically associated with such processes. To illustrate the effectiveness of the models, a case study is presented involving a pumping station of a Portuguese water company. The results demonstrate the practical application and benefits of the proposed approach in optimising investment decisions. This research contributes to advancing asset management practices by integrating quantitative optimisation techniques and leveraging the IVI, thereby enhancing the objectivity and efficiency of investment planning in water systems' asset management.

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Section: Results Of Optimisation Modelsmentioning

confidence: 99%

i

changes from period

t

t+1

after the execution of an investment project.…”

Section: Methodsmentioning

confidence: 99%

Section: Applications Of Decision Models For Investment Project Selec...mentioning

confidence: 99%

Section: Analysis Of the Ivi Evolution During The Planning Periodmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

See 3 more Smart Citations

Optimisation models for project selection in asset management: an application to the water sector

Vilarinho,

Barbosa,

Nóvoa

et al. 2023

Int Trans Operational Res

Self Cite

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A Distress-Based Condition Assessment Approach of Urban Water Assets Using Novel Deterioration Indices

Cabral

Loureiro

Flores‐Colen

et al. 2022

Water Resour Manage

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Otimização De Investimentos Em Gestão De Ativos De Sistemas De Abastecimento De Água Utilizando O Índice De Valor Da Infraestrutura

Vilarinho

Barbosa

Nóvoa

et al. 2023

RAE

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A área de conhecimento associada à gestão de ativos potencia a extração de valor de ativos físicos, incorporando uma abordagem integrada que envolve riscos, custos e desempenho. Este trabalho propõe uma nova abordagem para selecionar projetos de investimento em infraestruturas no âmbito da gestão de ativos. A métrica padrão utilizada para a seleção de projetos em ativos múltiplos é o Índice de Valor de Infraestruturas (IVI), que tem sido utilizado para caracterizar ativos do setor de águas em diversos países. Este trabalho desenvolveu dois modelos de programação linear inteira mista. O primeiro modelo de otimização trata de um problema de alocação de orçamento de capital selecionando projetos de investimento com vista à maximização da condição dos ativos. O segundo modelo de otimização trata de um problema de planeamento de orçamento, visando minimizar o capital necessário para manter os ativos nas condições desejadas. A aplicação dos modelos é ilustrada por um estudo de caso de uma empresa que opera no setor da água em Portugal. Os resultados obtidos nos diferentes cenários analisados são discutidos com vista a apoiar o desenho de políticas de gestão de ativos mais eficientes.

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Using Indicators to Deal with Uncertainty in the Capital Renewals Planning of an Industrial Water Supply System: Testing the Infrastructure Value Index

Cited by 3 publications

References 17 publications

Optimisation models for project selection in asset management: an application to the water sector

Optimisation models for project selection in asset management: an application to the water sector

A Distress-Based Condition Assessment Approach of Urban Water Assets Using Novel Deterioration Indices

Otimização De Investimentos Em Gestão De Ativos De Sistemas De Abastecimento De Água Utilizando O Índice De Valor Da Infraestrutura

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