Valuation of Continuous Monitoring Systems for Engineering System Design in Recurrent Maintenance Decision Scenarios

Abstract Condition monitoring plays a crucial role in improving system failure resilience, preventing tragic consequences brought by unexpected events, and saving the consequential high operation maintenance costs. Continuous condition systems have been applied to diversified engineering for well-informed operational decision-makings. Although research has devoted predicting states using continuous data flow, there still lacks systematic decision-making framework designers assess value of such at design stage therefore making decisions on adopting maximize benefits. This paper constructs based information, with which can evaluate expected cost reductions under specific modes considering effectiveness failures. Two case studies battery energy storage mechanical system, respectively, are employed illustrate evaluation information process aid different prognostic results data. Case study show that will be influenced deviation among equipment group, accuracy system-state prediction, types costs involved operating process. The adjustment actions prognosis help improve systems.