MIRCE SCIENCE: MANAGEMENT OF FUNCTIONABILITY EVENTS FOR THE PROVISION OF THE EXPECTED WORK

Abstract

The main objective of this paper is to introduce the management community to the body of knowledge contained in MIRCE Science for the innovative approach to the management of functionability events for the provision of expected work. Thus, management manages the consequences of the complex interactions between potential occurrences of negative functionability events and positive functionability actions taken on the expected work to be done by a given functionable system. This work can be quantified by making the use of MIRCE Functionability Equation. Hence, in the future managers will be able to perform quantitative trade-off between feasible management options to determine one that would yield the greatest benefit measured through the expected work done in respect to the resources consumed. To illustrate the advantages of applying MIRCE Science to the management of negative functionability events a numerical example is provided, where several feasible management options are considered, and their consequences of expected work done quantified.