ABSTRACT
The paper will explore the various strategies that can be employed to achieve ‘optimal’ maintenance policies within an organisation. When considering a single asset stochastic dynamic programming can be used be used to identify an optimal solution to maximise performance and minimise cost over the life of the asset, see Ansell et al (2001, 2004 and 2003) and Archibald et al (2004). In the case where there are several items the problem becomes inherently more complex, but Whittle Index can be employed, see Whittle (1988) and Glazebrook et al (2006a, 2006b).
