A review of differing approaches used to estimate the cost of corrosion (and their relevance in the development of modern corrosion prevention andp control strategies)
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A review of differing approaches used to
estimate the cost of corrosion (and their
relevance in the development of modern
corrosion prevention andp control strategies)
Corrosion Science and Engineering
Purpose - To analyze the different approaches used to estimate the cost of corrosion and understand the limitations so as to have proper
appropriation in future appraisals.
Designlmethodologylapproach - Four well-known approaches to analysis of cost of corrosion viz., the Uhlig method, the Hoar method, NBS-BCL
inputloutput method and net present value method have been considered in great detail and the impact of these approaches on corrosion economy in
different countries has been highlighted.
Findings - Uhlig method of estimating corrosion cost always gives a conservative estimate of the direct cost of corrosion. The direct cost of corrosion,
as estimated by the Hoar method, is found to be somewhat higher than is the estimate made using the Uhlig method, as shown by Shibata of Japan.
The NBS-BCL method of inputloutput analysis, though apparently more scientific, is subject ultimately to uncertainties in quantifying the capital cost
and intermediate output. The net present value method appears to be more realistic than do other approaches as it enables a life cycle costing of each
structurelfacility to be made and arrives at the most. cost-effective corrosion control method. Even though all the above four approaches enable an
estimation of direct cost of corrosion, there is no standard approach to assess the indirect cost of corrosion.
Originalitylvalue - In a developing economy, each and every industry has to go for systematic corrosion auditing in order to identify and adopt the
most appropriate corrosion control measures and effect considerable savings. This paper would be of immense use in that regard.
Bhaskaran, R. and Palaniswamy, N. and Rengaswamy, N.S. and Jayachandran, M. (2005) A review of differing approaches used to estimate the cost of corrosion (and their relevance in the development of modern corrosion prevention andp control strategies). ANTI-CORROSION METHODS AND MATERIALS. pp. 29-41.