Managing assets using infrequent inspections

M. Black
2001 16th International Conference and Exhibition on Electricity Distribution (CIRED 2001)   unpublished
Time Based and Condition Based Asset Management policies are modelled using a Markov Decision Process approach. This approach combines the ability to model the condition deterioration of a population of assets, with the ability to model the effects of maintenance decisions on that deteriorating population. It incorporates the costs and risks of maintenance decisions and calculates an average long term cost and risk. Different policies are then examined and a best policy evaluated. Deterioration
more » ... ated. Deterioration of asset condition is modelled by defining a number of condition states and calculating transition probabilities of going from one state to the next. Available maintenance actions are do nothing, maintain and replace. The state of an item immediately after it has been maintained is modelled by assigning probabilities to the possible new states. Costs are allocated to each state for each action.
doi:10.1049/cp:20010797 fatcat:5v523maw4nafbb5uhfyoagmwii