Integrating complex asset health modelling techniques with continuous time simulation modelling: A practical tool for maintenance and capital investments analysis

An Asset Health Index (AHI) is a tool that processes data about asset’s condition. That index intended to explore if alterations can be generated in the health of asset along its life cycle. These obtained during operation, but they also come from other information sources such as geographical systems, supplier’s reliability records, relevant external agent’s etc. The provides an objective point view justify, for instance, extension useful life, or identify which assets fleet are candidates early replacement, renovation, consequence premature aging. This paper describes how build AHI model continuous time simulation model, then implemented using Vensim environment. done order to: 1) improve formulating robustness, 2) benefit outstanding software optimization features parameters calibration; and easy provision predictions degradation, operational capital investments risk under different possible exogenous scenarios endogenous managerial options. process building, parameterization applied industrial case regasification terminal. Several strategies involving major maintenance scheduling compared terms total expenditure over their