Determining “End of Asset Life” for Pipe Renewal Investment Decision-Making: Why Distinctions Among Physical Life, Service Life and Economic Life Matter
Abstract:Reinvestment in America's deteriorating legacy infrastructure poses substantial financial challenges to most utilities across the country. The intent of reinvestment in our asset base is to minimize life cycle cost of sustained system performance to the stakeholder – including deferral or avoidance of the consequences of failure to customers and community (alternatively stated, “to maximize benefit to the community”). Cost effective re-investment in an asset requires an understanding of when that asset reaches its “end of life”. The end of life for an asset involves a systematic interaction among three “triggers”: service level life, physical life, and economic life. In the proposed approach, reinvestment is a decision process where the practitioner systematically determines a specific asset or class of assets which of the three triggers trips the reinvestment decision first and at what point in time. A decision flow diagram depicting the interaction of the end of life determinants is presented.
Document Type: Research Article
Publication date: January 1, 2010
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