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Modelling Asset Lifetimes and Their Role in Asset Management

Burn, Stewart and Marlow, David and Tran, Huu Dung (2010) Modelling Asset Lifetimes and Their Role in Asset Management. Journal of Water Supply: Research and Technology - Aqua, 59 (6-7). pp. 362-377. ISSN 0003-7214

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Abstract

Utilities throughout the world are faced with the challenge of how best to manage their existing asset stock to provide satisfactory customer service with limited funds. Effective asset management helps utilities to meet this challenge; however, this requires the utilization of cost-effective approaches for assessing asset condition, performance and remaining service life. A key component of these approaches requires an understanding of asset lifetimes. This paper discusses the role of asset lifetimes in asset management and the current state of the art for prediction of remaining life using different approaches. It discusses very simple approaches based on assumed lives, as well as sophisticated mathematical approaches using deterministic, statistical, physical/probabilistic and artificial intelligence models. In analysing both asset management strategies and lifetime prediction methodologies, a key factor identified as missing is a standardized technique for the incorporation of lifetime models into the probability side of risk analysis. For asset management to become a valued and readily utilized tool, this issue needs to be urgently addressed.

Item Type: Article
Uncontrolled Keywords: ResPubID19505, asset management, failure, lifetimes, pipelines, risk, service life
Subjects: Faculty/School/Research Centre/Department > School of Engineering and Science
FOR Classification > 0905 Civil Engineering
SEO Classification > 9004 Water and Waste Services
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Depositing User: VUIR
Date Deposited: 03 Nov 2011 01:24
Last Modified: 03 Nov 2011 01:24
URI: http://vuir.vu.edu.au/id/eprint/6772
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Citations in Scopus: 4 - View on Scopus

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