An asset management approach to optimize water meter replacement

• Published in: Environmental modelling & software : with environment data news Vol. 104; pp. 270 - 281
• Main Authors: Yazdandoost, Farhad, Izadi, Ardalan
• Format: Journal Article
• Language: English
• Published: Oxford Elsevier Ltd 01-06-2018; Elsevier Science Ltd
• Subjects: Asset management; Case studies; Data processing; Failure; Failure analysis; Failure risk; Life cycle analysis; Life cycle asset management; Life cycle costs; Life cycle engineering; Life cycles; Optimal time of replacement; Optimization; Replacement costs; Revenue; Risk; Sensitivity analyses; Sensitivity analysis; Utilities; Water measurement; Water meter; Water meters; Water utilities; Asset management; Optimal time of replacement; Water meter; Failure risk; Sensitivity analyses
• ISSN: 1364-8152; 1873-6726
• DOI: 10.1016/j.envsoft.2018.03.015

Despite existence of many developed approaches for identifying optimal time of Water Meters (WMs) replacement, less attention has been paid to the impact of WM failure risk on utilities revenues and the proper time of replacement. Here, the Asset Management (AM) approach is introduced as a holistic managing framework optimizing Life Cycle Costs (LCC), especially incorporating WM failure risk in asset replacement decisions. The proposed AM framework is based on four core steps. The application of the proposed framework for a real case study has shown confidence in finding the economical time of WM replacement. It was further shown that the risk costs associated with WM failure have higher impacts on optimal time of WM replacement than the revenue lost due to its inaccuracy. The sensitivity analyses of input data values show that water price, initial investment and accuracy degradation rate have the highest impacts on LCCs amongst other parameters.
•The Asset Management (AM) approach to water meter management presented.•A comprehensive AM framework for optimal replacement of water meters described.•The framework integrates failure risks into optimal replacement decisions.•Impact of failure risks on optimal replacement of water meters is non-negligible.