state-dependent

Appendix: Opening the Black Box

 

 

Appendix:

Mathematical Structure of the Methodology

In this appendix to “Opening the Black Box,” (Fortnightly, January 2014), we briefly describe the basic components of the models for managing aging assets: how to represent the condition of such assets and the outcome of replacement, maintenance, and testing decisions.  

The model structure is one of optimal control with dynamic state variables and uncertainty. Let 

Opening the Black Box

A new approach to utility asset management.

Creating a dynamic statistical approach to designing an overall strategy for utility asset management.