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Resource definition and allocation for a multi-asset portfolio with heterogeneous degradation

Author

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  • Dias, Luis
  • Leitão, Armando
  • Guimarães, Luis

Abstract

When making long-term plans for their asset portfolios, decision-makers have to define a priori a maintenance budget that is to be shared among the several assets and managed throughout the planning period. During the planning period, the a priori budget is then allocated by managers to different operation and maintenance interventions ensuring the overall performance of the system. Because asset degradation is stochastic, a considerable amount of uncertainty is associated with this problem. Hence, to define a robust budget, it is essential to account for several degradation scenarios pertaining to the individual condition of each asset.

Suggested Citation

  • Dias, Luis & Leitão, Armando & Guimarães, Luis, 2021. "Resource definition and allocation for a multi-asset portfolio with heterogeneous degradation," Reliability Engineering and System Safety, Elsevier, vol. 213(C).
    • Handle: RePEc:eee:reensy:v:213:y:2021:i:c:s0951832021002957
    DOI: 10.1016/j.ress.2021.107768
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    References listed on IDEAS

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