Infrastructure maintenance and replacement optimization under multiple uncertainties and managerial flexibility

Infrastructure maintenance and replacement decisions are subject to uncertainties such as regular asset degradation, structural failure, and price uncertainty. In the engineering domain, Markov Decision Processes (MDPs) typically focus on uncertainties regarding asset degradation and structural failure. While the literature in the engineering...

Untangling decision tree and real options analyses: a public infrastructure case study dealing with political decisions, structural integrity and price uncertainty

Managerial flexibility in infrastructure investment and replacement decisions adds value. Real options analysis (ROA) captures this value under uncertain market prices. The concept of ROA is that future unfavourable payoffs can be deferred as soon as more information about market prices becomes available. The popularity of ROA is seen in a...

Expert judgement based maintenance decision support method for structures with a long service-life

The optimal moment at which maintenance activities should be performed on structures with long service-life to guarantee the required quality of service is hard to define, due to uncertainties in their deterioration processes. Most of the developed methods and concepts use historical data to predict the deterioration process with deterministic...