Weibull (OREST) and Life Cycle Costing (LCC) Software
Weibull (OREST) and Life Cycle Costing (LCC)
ACTOR has two modules to help you analyze and make optimal decisions, Weibull and LCC. The Weibull module, Optimal Replacement of Equipment in Short Term (OREST), helps users analyze their reliability data and then obtain optimal replacement policies based on the data available. Failure data is imported and Weibull parameters are calculated and this is combined with operating and replacement costs to determine optimal replacement intervals. LCC uses the cost contribution from all phases of an asset’s life cycle to make the best decision when acquiring a new physical asset or estimating optimal replacement age. LCC is useful in resolving conflicting objectives of different stakeholders so a common comparison can be made between alternatives.