Asset Management

The focus of this area of modelling is to understand how an asset degrades through time and use, and to identify the most cost effective options for maintenance and renewal.

The degradation of the system components can be established through classical statistical techniques, or the use of artificial intelligence.

The performance of the system is then predicted, accounting for alternative asset management strategies, using techniques such as Petri net analysis or Markov methods. The prediction includes the future state of the asset, the number of each type of maintenance that would be carried out over the system lifetime, and the Life Cycle Costs.