Decision-making in complex asset life extension

Complex, long-life assets present challenges for life cycle management, particularly decisions about life extension at the end of the asset life. Multiple interlinked risk factors drive the decision-making process. Compounding the difficulty, few ready-to-use life extension methods exist in literature. Complex decision analysis processes which are technically superior, but difficult to follow, may have the effect of alienating decision-makers who do not understand them. A method developed for NASA for risk informed decision making appears more suitable for guiding decision-making in life extension problems. This paper proposes a framework for decision-making in life extension of complex, long-life, capital-intensive assets, addressing some of the important challenges in life extension decision-making.