100 words or less? Unpossible, but here's the basics:
Fuel from the tank is delivered by an in-tank pump to the main pump, which pressurizes the fuel accumulator and the rest of the system. The accumulator (the little thing sitting next to the main pump) stores a volume of fuel under pressure and this is kept in reserve for all sorts of things. Between the main pump and the accumulator is a check valve, to keep pressure in the system which reduces vapour lock on hot starts.
Out of the fuel filter (on the firewall), the fuel line goes to the fuel pressure regulator on the fuel distributor. This valve regulates the fuel pressure to 75-80 psi (the pump is capable of over 150 psi), and then this fuel is split to several circuits.
The first circuit is the injector circuit: the fuel goes to the side of the metering barrel valve, which is lifted by the airflow plate and allows a measured amount of fuel past the valve based on how much the airflow plate is lifted. The fuel passes into four separate circuits, where within each circuit the fuel squeezes between a jet and a thin stainless plate (more on this later), through the injector lines, and out the injectors. The injectors will not pass fuel below 20-30 psi, and above this they snap open and allow fuel to flow past an oscillator which breaks up the fuel into really small droplets.
The second circuit is the fuel trim cirucuit (Lambda-Sond cars only): Below that thin stainless plate I talked about earlier, another quantity of fuel passes through a small jet and fills up the cavity beneath, which provides pressure up against that plate. In cars equipped with Lambda-Sond (oxygen sensors), fuel pressure is bled off from underneath this plate by what's referred to as a "frequency valve". In bleeding off more fuel from under the plate, pressure under the plate is reduced (because it can't flow through the inlet jet fast enough) and the plate is allowed to bend down, allowing more fuel to squeeze between it and the jets above the plate. I'm fairly sure the non-Lambda cars don't have this circuit at all, but the turbo car certainly does.
The third circuit is the control pressure circuit: Also called a warmup circuit, a flow of fuel is metered to the top of the metering barrel valve and on to the control pressure regulator, where it's regulated down to about 30-40 psi for warmup, and gradually increases to 50-60 psi for operating temperatures. This pressure works on top of the metering valve and restricts the amount of lift, varying the amount of fuel delivered for a given flow of air. The control pressure regulator has a bi-metallic spring and a heating coil, and is fed 12v to heat the coil and bend the spring, increasing control pressure for operating temperatures. '81-'83 Turbo cars have another method of controlling control pressure, through a complicated dual-dashpot vacuum arrangement, alongside the bi-metallic spring and heating coil deal. '84-'85 turbo cars use another method to achieve the same results.
There is also a warmup air regulator, which is another bi-metallic spring thingie, opening a small orifice that feeds more air to the engine when open. Another heating coil is included, fed constant 12v power, and it also picks up heat from the valve cover & engine.
The wiring is another Escher-esque deal: The starter solenoid has a contact that's specifically for bypassing the ballast resistor and feeding the coil a full 12v during cranking. Meanwhile, the starter solenoid trigger circuit is also providing power to the Thermal Time Switch, buried in the cooling passages in the head. The TTS passes current IF the TTS is not warmed up by either the coolant or the current passing through it. If the coolant temp is too high, the TTS will not pass power, and if current flows through the TTS for too long, the TTS opens circuit. The TTS is used ONLY for the cold start injector. Constant 12v power is delivered to the control pressure regulator and warmup air regulator whenever the ignition is turned on, so leaving the ignition turned on for any length of time before starting the car (cold) can give you some headaches.
The momentary grounding of the ignition coil drives the tach, and it also drives the fuel pump relay. The relay will operate on the alternating on/off current from the ignition coil, which closes not one but TWO circuits within the relay. These two circuits each operate one of the fuel pumps. Why not use one circuit for both pumps??? Anyway, there's also a pair of fuses for this deal, and for some reason if you jumper both fuses together, both fuel pumps will run.
Fuel Pump Relays are notorious for failing without warning - sometimes they'll come to life again when they cool down, but sometimes not. Keep a spare in the car. You can easily fix them by pulling them apart and reflowing the solder on the main power connection - you'll see which one it is by the burned, cracked appearance.
In-tank pumps can die without crippling the car, but frequently you'll start to run worse and worse below half tank when they do die. You can usually drive the car very gently, but any time fuel delivery requirements go up, the car will momentarily shut off.
Main pump check valves, fuel pressure regulators, control pressure regulators, or even the frequency valve can leak, causing the fuel pressure to slowly (or quickly) drain away. If the engine is hot at this point, the fuel in the injectors is boiled away and the long, skinny lines fill up with vapour. When you try and start the car again (between 15min and 2hrs of shutting down hot), it will crank and crank and crank, and maybe 1 or 2 cylinders will fire until enough fuel is flowed to the injectors to purge the lines. By the time the engine cools down, the fuel will condense back to liquid and the lines usually siphon enough fuel back into them so that the car starts perfectly when cold.
Injectors sometimes clog up, airflow plates get dirty, and the fast idle air regulator can clog up or the hoses to/from it will crack. Injector seals leak, not only between the injector and the phenolic spacer but between the spacer and the head as well. These are goofy sizes, and you really need Volvo parts here (or a tube of RTV).
The warmup air regulator can also get very dirty and sticky, and stop working. It can also freeze, and will usually freeze in the open position so that you'll get a very high idle for a while. Sometimes you've got to get the engine warm and shut it down to let heat soak into this valve without freezing cold air being pulled through it, before it'll loosen up and regulate air properly. If you have a working heat stove arrangement in the airbox, you don't usually have this problem.
Aside from that, it's about as bulletproof as any 30 year old fuel injection system can be!
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