Abstract

Asset managers are facing the challenges of shrinking budgets from one side and the increasing frequency and impact of disturbances on their assets from the other side. To further equip asset managers to address these challenges, we propose an analytical framework for resilient asset management based on an extension to the established analytical framework of resilience. The core concept of this extension is to understand the significance of two types of couplings, including: (i) the coupled impact of different categories of disturbances, including shocks and stressors, and (ii) the chronological coupling of events in life cycle of an asset. A dynamic model of the proposed framework for integrating resilience into regular asset management is developed for building facilities and is integrated with mathematical modeling of stressors and randomly generated shocks. The model is then simulated as the results pointed to the need to offset the overestimation of the resilience of assets by integrating the coupled impact of shocks and stressors and the compounding impact of multiple potential disturbances in its life cycle. The proposed approach can extend the existing asset management models to future proof the plans for the life cycle of an asset and align the maintenance, repair, or rehabilitation actions with the actions associated with resilience enhancement retrofits.

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