Keywords: maintenance, budget, heuristic, capital allocation, network, procedure
A heuristic for maintenance budget allocation
Management is often faced with a situation in which funds are limited. In maintenance, this requires that some work be deferred. In many cases, due to the time framework for the decision, not much thought is given to the procedure for addressing which projects should be deferred. This paper is directed at the development of a framework for these types of decisions. Although the rigorous application of the ideas contained within the concept may require a substantial time commitment initially, the work involved in applying the procedure can be reduced after the first application. Further, the method can be reduced to a "quick and dirty" approach by abstraction or simplification.