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Keywords:

  • instrumentation design;
  • process monitoring;
  • data reconciliation

Abstract

A connection between precision and downside expected lost revenue for linear systems was developed in previous work. Having the value of precision and accuracy in economic terms helps justify the upgrade of instrumentation and/or the increase in corrective maintenance repair rate. The connection between accuracy and economic value is extended in this article to the case where biases are present and in the context of existing corrective maintenance capabilities. © 2005 American Institute of Chemical Engineers AIChE J, 2006