Optimal timing for replacing aging or obsolete assets

Aging physical assets and infrastructure are headaches shared by many industries in many countries around the world. Hundreds of billions of dollars of re-investment are going to be needed over the coming years, at a time when financial pressures make such investments particularly hard to justify. The SALVO project is addressing such problems with a fresh look how to make the right decisions about what to do and when, even with limited data and uncertain assumptions. This paper summaries the objectives, scope and progress of the SALVO Project, and illustrates the processes with the first of the field trial cases that have been explored.