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Trading off asset performance and condition to model strategic maintenance decisions

Barlow, Euan and Revie, Matthew and Bedford, Tim and Walls, Lesley (2013) Trading off asset performance and condition to model strategic maintenance decisions. In: Safety, Reliability and Risk Analysis. CRC Press, Boca Raton, 723–731. ISBN 9781138001237

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Abstract

This work is motivated by a utility operating a multi-component system which is faced with the problem of assigning limited maintenance resources. The current state of a single component is described in terms of performance and degradation condition to a given time and the failure rates of each component are interdependent. Multiple maintenance actions are available and the potential decision choices are which component to select for maintenance and which type of maintenance to perform, where decisions are made and actioned over different time-scales and represent focus on long-term or short-term gains. A Markov decision process is proposed to model the trade-offs between condition-based and performance-based maintenance in order to support effective and efficient strategic maintenance management.