ABSTRACT
Yet, while all these models deal with the cost of maintenance (as an objective function or a constraint), only a handful of models touches on the notion of value of maintenance, and seldom in an analytical or quantitative way (e.g., Macke and Higuchi, 2007). Wang (2002) highlights a critical idea for the development of a value-based perspective on maintenance when he suggests that the cost of maintenance as well as the resulting system reliability should be considered together when developing optimal maintenance strategies. Where the benefits of maintenance are considered, it is usually in the sense of avoiding the costs of failure. Interestingly, it is only within the civil engineering community that the benefits in the sense of service delivery are considered and cost-benefit considerations explicitly taken into account in the development of maintenance strategies (e.g., Macke and Higuchi, 2007).
