April 15, 201411:00 am US ESTCALCE Webinar EventNon-Member Registration Form$300 for non-consortium members. Free for consortium membersEPSC Member Registration

Abstract

This seminar presents a method that uses a simulation-based real options analysis to determine the value of waiting after obtaining a remaining useful life (RUL) indication from prognostics and health management (PHM) structures within a system. This methodology potentially allows the threshold for maintenance to be optimized in real-time based on the state of health of the system, the anticipated future state of maintenance resources, maintenance flexibility (current and future), and market uncertainties (e.g., the anticipated value of operating the system).

About Speaker

Prof. Peter Sandborn is a Professor in the Department of Mechanical Engineering and the Director of the Maryland Technology Enterprise Institute (Mtech) at the University of Maryland. His research interests include electronic part obsolescence management (including forecasting, mitigation and refresh planning), prognostics and health management for electronic systems (including optimal application of PHM to systems, and design for availability), technology tradeoff analysis for electronic packaging, parts selection and management for electronic systems, and system life-cycle and risk economics. He has also done work on return on investment, design for availability, and maintenance optimization for wind turbines and wind farms.Prior to joining the University of Maryland, he was a founder and Chief Technical Officer of Savantage, Inc. Dr. Sandborn has a Ph.D. degree in electrical engineering from the University of Michigan and is the author of over 200 technical publications and books on multichip module design, electronic parts, and cost modeling. He is an Associate Editor for the IEEE Transactions on Components, Packaging and Manufacturing Technology, a member of the Board of Directors for the International PHM Society, and a Fellow of the IEEE and ASME.