ABSTRACT
ABSTRACT: The paper presents a stochastic model of structural degradation and maintenance cost optimization over the life cycle of a structure. The maintenance optimization models reported in the literature mostly minimize the asymptotic expected cost rate computed using the classical renewal theorem. Since practical engineering projects have relatively short and finite operating life and financing time horizon, the application of asymptotic formulation in such cases becomes questionable. This paper presents a new finite time model for computing the expected life cycle cost with and without discounting, and highlights its advantages through a practical case study.
