Modelling the management of underground water assets
- Resource Type
- Authors
- J. E. H. Shaw; G. H. Freeman; J. Q. Smith; S. D. Jacka
- Source
- Scopus-Elsevier
- Subject
- Statistics and Probability
Water company
Actuarial science
Operations research
business.industry
Asset management
Business
Plan (drawing)
Statistics, Probability and Uncertainty
Bayesian inference
Modernization theory
Groundwater
- Language
- ISSN
- 1360-0532
0266-4763
Central to the activities of any industry is the modernization of its assets. This paper describes the application of statistical methods to the asset management plan of a large water company. A model for the underground assets is given in detail, and the extensive computations required are illustrated. A Bayesian model shows the consequences of various policy options and provides realistic measures of the uncertainty connected with them.