Towards measuring the impact of information availability on maintenance decisions

Decisions concerning maintenance have become increasingly important and requires a diverse set of information as systems become more complex. The availability of information has an impact on the effectiveness of these decisions, and thus on the performance of the asset. This paper highlights the importance of quantifying the value of information on maintenance decisions and asset performance. In particular, we emphasise the need to focus on measuring value as opposed to cost of maintenance, which is the current practice. In this direction, we propose a measure - Value of Ownership (VOO) - to assess the value of information and performance of maintenance decisions throughout an assets lifecycle. © 2009 IFAC.