Stochastic renewal process models for life cycle cost and utility analysis

The paper presents a systematic formulation of the life cycle cost and utility analysis based on the theory of stochastic renewal processes. The paper derives integral equations for expected cost and net present value, variance and expected utility over a given period. The proposed formulation can be used to optimize the design and rehabilitation activities to improve the life cycle performance of structures that are vulnerable to external hazards, such as earthquakes, winds storms and floods.Non UBCUnreviewedThis collection contains the proceedings of ICASP12, the 12th International Conference on Applications of Statistics and Probability in Civil Engineering held in Vancouver, Canada on July 12-15, 2015. Abstracts were peer-reviewed and authors of accepted abstracts were invited to submit full papers. Also full papers were peer reviewed. The editor for this collection is Professor Terje Haukaas, Department of Civil Engineering, UBC Vancouver.Facult