Even their future evolution (e.g., rise/decrease of cost

Even if it clearly emerges from theliterature that TCO has got positive effect in supporting decision making forasset management; however, many limitations exist up to day. A crucial point inorder to understand the applicability of a TCO model for supporting physicalasset management is that the evaluation criteria for the costs elementsdefinition should encompass not only all incurring cost elements along theasset life cycle but also system performance characteristics, like system availability,in upfront decisions for achieving the lowest long term cost of ownership 8, 17, 37. Indeed, some main issues should beconsidered when approaching the TCO evaluation of a production system as asupport for decision making: i. a large number of variables directly andindirectly affect the real cost items and are affected by uncertainty in theirfuture evolution (e.

g., rise/decrease of cost of energy, cost of raw material,cost of labor, budget limitations, etc.)9, 26; ii. the evolution of asset behavior in thefuture is difficult to predict (e.g.

aging of assets, failures occurrence,performance decay) and ‘infinitely reliable’ components or systems do not exist31; iii. complex relationships in the assetsintensive system dynamics, due to the presence of many coupled degrees offreedom, make it not easy to understand the effects of local causes on theglobal scale 38; iv. conventional cost accounting fails toprovide manufacturers with reliable cost information due to the inability ofcounting the so-called invisible and, in particular, intangible costs, and thusthere is inaccuracy in calculating total costs 7. Itis evident that additional research is required to develop better TCO models toquantify the risks, costs, and benefits associated with physical assetsincluding uncertainties and system state and performance evaluations to generateinformed decisions 33.

The objectiveof this paper is to present a comprehensive methodology for the evaluation of TCOof nanomaterial.  Lack of identical information leads to one partymaking “informed decisions” therefore information asymmetries occur and costwhere different amounts of information and different objectives lead todifferent behavior strategically.  

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