A note to life cycle cost for railway condition monitoring

Life cycle cost (LCC) calculation for railway condition monitoring is important to identify and measure benefits to be obtained when condition monitoring is applied to railway system and is achieved in [Marquez, G.F.P., Lewis, W.R., Tobias, M.A., Roberts, C., 2008. Life cycle cost for railway condition monitoring. Transportation Research Part E 44 (6), 1175-1187]. In this paper, the formula presented in [Marquez, G.F.P., Lewis, W.R., Tobias, M.A., Roberts, C., 2008. Life cycle cost for railway condition monitoring. Transportation Research Part E 44 (6), 1175-1187] for savings in penalty cost is rephrased and its extraction from probability theory is presented. In addition, one of the terms used in the formula is redefined and its formulation is updated. Thus, the mathematical base of the LCC calculation is enhanced with updates presented in the paper.