{"id":6861,"date":"2021-03-11T15:36:00","date_gmt":"2021-03-11T15:36:00","guid":{"rendered":"https:\/\/swefc.unm.edu\/iamf\/?page_id=6861"},"modified":"2022-03-21T18:30:59","modified_gmt":"2022-03-21T18:30:59","slug":"life-cycle-costing-life-cycle-phases-replacement","status":"publish","type":"page","link":"https:\/\/swefc.unm.edu\/iamf\/life-cycle-costing-life-cycle-phases-replacement\/","title":{"rendered":"Life Cycle Costing \/ Life Cycle Phases \/ Replacement"},"content":{"rendered":"

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Replacement<\/h2>\n

 <\/p>\n

Replacement is defined in the AWWAAmerican Water Works Association<\/span><\/span><\/span> Asset Management Definitions Guidebook as \u201cthe complete replacement of an existing asset that has reached the end of its useful life.\u201d AWWAAmerican Water Works Association<\/span><\/span><\/span> also defines replacement cost as \u201cthe current cost of replacing an existing asset with a new modern equivalent asset that provides the same or similar level of service potential.\u201d<\/p>\n

Deciding when to replace an asset can be a complicated decision. Factors that enter this decision are the relative cost of repair, rehabilitation, and replacement; useful life of the replaced asset compared to the useful life with repair and rehabilitation; replacing an asset with no structural integrity to allow for repair or rehabilitation; coordination with other asset replacement (e.g., roads); and need to prevent high-risk events<\/a>. Use this flow chart<\/a> to help decide when to repair, rehabilitate, or replace an asset.<\/p>\n

Through a life cycle cost analysis, a system will be able to make decisions about when to repair, rehabilitate, and replace an asset to optimize the asset\u2019s life and minimize the asset\u2019s cost. There must be a balance between O&M and Replacement,<\/a> so spending is optimized. If appropriate spending is made on assets to keep them in service longer, replacement can be forestalled. If replacement occurs more often, less needs to be spent on maintenance and repairs. However, most of the time, replacement is much more costly, making the more efficient strategy one that involves maintenance more than replacement.<\/p>\n

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Replacement   Replacement is defined in the AWWAAmerican Water Works Association<\/span><\/span><\/span> Asset Management Definitions Guidebook as \u201cthe complete replacement of an existing asset that has reached the end of its useful life.\u201d AWWAAmerican Water Works Association<\/span><\/span><\/span> also defines replacement cost as \u201cthe current cost of replacing an existing asset with a new modern equivalent asset that provides the same or similar level of service potential.\u201d Deciding when to replace an asset can be a complicated decision. Factors that enter this decision are the relative cost of repair, rehabilitation, and replacement; useful life of the replaced asset compared to the useful life with repair and rehabilitation; replacing an asset with no structural integrity to allow for repair or rehabilitation; coordination with other asset replacement (e.g., roads); and need to prevent high-risk events. Use this flow chart to help decide when to repair, rehabilitate, or replace an asset. Through a life cycle cost analysis, a system will be able to make decisions about when to repair, rehabilitate, and replace an asset to optimize the asset\u2019s life and minimize the asset\u2019s cost. There must be a balance between O&M and Replacement, so spending is optimized. If appropriate spending is made on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-6861","page","type-page","status-publish","hentry"],"yoast_head":"\nLife Cycle Costing \/ Life Cycle Phases \/ Replacement - Integrated Asset Management Framework<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/swefc.unm.edu\/iamf\/life-cycle-costing-life-cycle-phases-replacement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Life Cycle Costing \/ Life Cycle Phases \/ Replacement - Integrated Asset Management Framework\" \/>\n<meta property=\"og:description\" content=\"Replacement   Replacement is defined in the Asset Management Definitions Guidebook as \u201cthe complete replacement of an existing asset that has reached the end of its useful life.\u201d also defines replacement cost as \u201cthe current cost of replacing an existing asset with a new modern equivalent asset that provides the same or similar level of service potential.\u201d Deciding when to replace an asset can be a complicated decision. Factors that enter this decision are the relative cost of repair, rehabilitation, and replacement; useful life of the replaced asset compared to the useful life with repair and rehabilitation; replacing an asset with no structural integrity to allow for repair or rehabilitation; coordination with other asset replacement (e.g., roads); and need to prevent high-risk events. Use this flow chart to help decide when to repair, rehabilitate, or replace an asset. Through a life cycle cost analysis, a system will be able to make decisions about when to repair, rehabilitate, and replace an asset to optimize the asset\u2019s life and minimize the asset\u2019s cost. There must be a balance between O&M and Replacement, so spending is optimized. 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