Selecting the Appropriate Physical Asset Life Cycle Model with a Multi-Criteria Decision-Making Approach (Case Study: Petroleum Pipeline)

Companies need to exactly manage their assets to balance performance, risk, and cost. The ability of an equipment to provide a certain level of performance is influenced by its design, utilization, deterioration, and its life. On the other hand, in order to obtain the desired level of performance and reduce risk, proper planning of maintenance activities during the period must be done. To manage this issue, organizations must develop a suitable method for their assets from the acquisition stage to the disposal to obtain the required processes and, ultimately, to earn the desired profit. In this study, considering Pipe line as a case study and identifying the LCC, risks and three indicators includes of reliability, availability and maintainability as KPIs. They were weighted by using the opinions of eight expert and DANP method. The final weights of LCC, risk and KPI Respectively are: 0.269, 0.301 and 0.429. Considering different strategies in each phase of the asset life cycle, different scenarios described for the equipment life cycle as follows: 1)Buy- RCM- Replacement 2)Buy- RCM- Overhaul 3)Buy- CBM- Replacement 4)Buy- CBM- Overhaul 5)Buy- TPM- Replacement 6)Buy- TPM- Overhaul. Finally, based on the gained expert’s viewpoint from questionnaire and MOORA technique to rank the scenarios the desired scenario (Buy- TPM- Replacement) was selected.