Abstract
A number of products with specific cost and reliability for each subsystem can be selected from several equipment suppliers to design a new rail system or upgrade an existing system. Decision makers have to balance the trade-off between life-cycle cost, system reliability (e.g., mean time between failures), and service reliability (e.g., delay) to optimally allocate resources. This research develops an optimization framework with an alternative evaluator and an investment selector to determine an optimal investment plan with a specific allocation for cost, system reliability, and service reliability. Empirical case studies indicate that this optimization process can efficiently and successfully evaluate all of the possible alternatives and determine an optimal investment set according to the design service reliability or life-cycle cost. This tool can help railway agencies and companies maximize their return on investment and provide reliable service to passengers.
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Schedule a callMore From: Transportation Research Record: Journal of the Transportation Research Board
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