Abstract
Asset management is an emerging discipline worldwide since most organisations are facing challenges in sustaining their operations with the ageing of assets. Moreover, managing of assets and the cost of maintenance are real-time challenges for organisations. Hence, the objective of this study is to develop a framework for predictive maintenance of assets considering the existing assessment frameworks of early researchers. The significance of this research is that the framework was developed focusing on passenger terminals where this concept had been narrowly addressed. The Kandy Multimodal Transit Terminal was selected as the case study. Accordingly, a Markov chain was used for developing the framework. A conceptual framework was introduced for the predictive maintenance of assets and cost projections considering the availability of data. The outcome of this research facilitates reduction of the consequences in asset maintenance management and management of the budget allocation for the maintenance in passenger terminals.
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