Patent Document ID: 8423397
Application ID: 12188255
Patent Flag: 1

Claim One:
1. A non-transitory computer readable storage medium that, when placed in operable relation to a processing device, provides software to effect a determination of an optimal asset management plan, the software comprising: an input module that accepts a list of assets to be managed and accepts design data and process data for each asset; a failure module that determines probability of failure curve parameters for each of a plurality of degradation modes of each asset; a simulation module that predicts asset failures based on the probability of failure curve parameters at a particular time exceeding predetermined failure probability thresholds, and determines failure costs for each asset failure that is predicted to have occurred based on the predetermined failure probability thresholds being exceeded, and wherein the simulation module further calculates risk-weighted costs for each degradation mode of each asset, wherein each risk-weighted cost corresponds to a cumulative probability of failure determined from the failure curve parameters, multiplied by a consequence cost, wherein said simulation module produces a total management cost that includes scheduled event costs and a combination of the failure costs and the risk-weighted costs; and an optimization module that generates alternative management plans for evaluation by the simulation module and provides an optimal management plan for display to a user.