Making optimal and justifiable asset maintenance decisions

Furda, Andrei, Cholette, Michael E., Ma, Lin, Fidge, Colin, Hill, Wayne, & Robinson, Warwick (2015) Making optimal and justifiable asset maintenance decisions. In Engineering Asset Management - Systems, Professional Practices and Certification: Proceedings of the 8th WCEAM 2013 and the 3rd CUMAS [Lecture Notes in Mechanical Engineering], Springer, Hong Kong Exhibition and Convention Centre, Hong Kong, pp. 253-263.

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Maintenance decisions for large-scale asset systems are often beyond an asset manager's capacity to handle. The presence of a number of possibly conflicting decision criteria, the large number of possible maintenance policies, and the reality of budget constraints often produce complex problems, where the underlying trade-offs are not apparent to the asset manager. This paper presents the decision support tool "JOB" (Justification and Optimisation of Budgets), which has been designed to help asset managers of large systems assess, select, interpret and optimise the effects of their maintenance policies in the presence of limited budgets. This decision support capability is realized through an efficient, scalable backtracking- based algorithm for the optimisation of maintenance policies, while enabling the user to view a number of solutions near this optimum and explore tradeoffs with other decision criteria. To assist the asset manager in selecting between various policies, JOB also provides the capability of Multiple Criteria Decision Making. In this paper, the JOB tool is presented and its applicability for the maintenance of a complex power plant system.

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ID Code: 76252
Item Type: Conference Paper
Refereed: Yes
Additional URLs:
DOI: 10.1007/978-3-319-09507-3_23
ISBN: 978-3-319-09506-6
Divisions: Current > Schools > School of Chemistry, Physics & Mechanical Engineering
Current > Schools > School of Electrical Engineering & Computer Science
Current > Schools > School of Information Systems
Current > QUT Faculties and Divisions > Science & Engineering Faculty
Copyright Owner: Copyright 2013 Please consult the authors
Deposited On: 21 Sep 2014 23:27
Last Modified: 12 Jan 2016 14:00

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