Abstract
Life of structures which are subject to fatigue failures involves high degree of uncertainty and risk. In order to design such systems it is necessary to take into account several stochastic elements. As the structure ages, the relationship among initial cost, inspections, maintenance and reliability level becomes important, and it has to be studied in order to achieve a good design from the cost-effectiveness point of view. This paper analyses this relationship and proposes a method to take the best decision among a set of alternatives regarding structural dimensions using a new class of Bayesian loss functions that are based on the concepts of under and over design.
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