Resource definition and allocation for a multi-asset portfolio with heterogeneous degradation
Luis Dias,
Leitão, Armando and
Guimarães, Luis
Reliability Engineering and System Safety, 2021, vol. 213, issue C
Abstract:
When making long-term plans for their asset portfolios, decision-makers have to define a priori a maintenance budget that is to be shared among the several assets and managed throughout the planning period. During the planning period, the a priori budget is then allocated by managers to different operation and maintenance interventions ensuring the overall performance of the system. Because asset degradation is stochastic, a considerable amount of uncertainty is associated with this problem. Hence, to define a robust budget, it is essential to account for several degradation scenarios pertaining to the individual condition of each asset.
Keywords: Asset management; Multi-asset system; Gamma process; Condition-based maintenance; Stochastic optimization; Mean–variance optimization (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)
Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0951832021002957
Full text for ScienceDirect subscribers only
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:eee:reensy:v:213:y:2021:i:c:s0951832021002957
DOI: 10.1016/j.ress.2021.107768
Access Statistics for this article
Reliability Engineering and System Safety is currently edited by Carlos Guedes Soares
More articles in Reliability Engineering and System Safety from Elsevier
Bibliographic data for series maintained by Catherine Liu ().