A reliability based approach to maintenance and renewal strategies

In this paper two new methods are proposed, dynamic lifetime assessment method (DLA) and condition based index (CBI) method. These methods use variety reduction in two steps; first a financial risk analysis is carried out with the DLA method, and secondly, the technical condition is described with the CBI method. The inputs are real time values and/or subjective expert judgements. The two methods in combination consider both financial risk and the technical condition for a technical system. The result of an analysis is a helpful tool for a manager for making decisions about long-term maintenance rel load o984-a4012-a4-a or renewal strategies. An analysis also reveals if more resources are needed in order to avoid a long-term deterioration of the condition of a system.