All facilities and infrastructure assets deteriorate with time and use. To maintain the effectiveness and value of an asset, renewal work should be performed periodically. When the asset has reached the end of its useful life, it should be replaced. At the heart of any life cycle management program is preserving the existing system's performance and reliability by anticipating future renewal and replacement (R&R) needs and ensuring that adequate and timely funding is planned.

This session includes key technical considerations for modeling and forecasting asset renewal and replacement for facilities and public infrastructure using @RISK. Capital spending and maintenance funding aspects will be highlighted. Case studies from the public and private sectors will be provided, including a review of forecasted and actual results 3 to 5 years after the original forecast for two case examples. A live demonstration of one of the models will be provided.

The learning objectives include:

• Understand the key variables for developing an asset renewal & replacement model.
• Apply foundational concepts to building a model in @RISK.
• Develop approaches for addressing key approaches and pitfalls.
• Understand how outputs can be used to communicate results effectively.
• Identify additional resources.

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