Sustainable asset management: A repair-replacement decision model considering environmental impacts, maintenance quality, and risk

Equipment repair/replacement decision is an important aspect of asset management, which aims to find the best time to retire an in-use system considering its lifecycle costs. Previous lifecycle analysis techniques assume that the distribution of equipment’s failure and repair time remain unaltered during the usage phase. In reality, however, the actual parameters that represent equipment’s reliability and maintainability could change by several...