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
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reensy:v:213:y:2021:i:c:s0951832021002957

DOI: 10.1016/j.ress.2021.107768

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