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The solution to the asset management problem is discussed. The asset management problem is formulated as an optimal control problem under uncertainty that seeks a least cost solution. A methodology for solving the asset management problem is given. The methodology has been applied to several classes of assets. Analysis of uncertainty is essential to asset management. Three fundamental uncertainties...
This paper presents a unified methodology for managing an inventory of aging assets in electric utility systems. The inventory may include spares. The methodology identifies the least-cost stationary policy over an infinite horizon. The stationary policy is a state-dependent decision about a particular asset. The choice is typically among the alternatives repair, rejuvenate, replace, test, and do...
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