Risk-based planner for asset management [of electric utilities]

Abstract

Faced with multiple options for reinvestment in equipment maintenance, what is the best course of action to maximize reliability at minimum cost? The combination of engineering and financial analyses requires complex mathematical modeling; however, the software must be user-friendly to make the operation of the model simple. With this in mind, substantial effort has been put in developing a suitable decision-support tool to address the question of option selection. This article features the program called Risk-Based Asset Management (RiBAM) and its application in the reinvestment decision-making process.