Interval-Based Management (Age Based)
Interval-based Management is most commonly applied to operations assets (striping, signs, guardrail), where just an inventory is maintained. Condition assessments may not be financially feasible or practical. Additionally, these assets are often related to compliance, meaning their condition state either meets a specific standard, or does not. With interval-based management, asset performance data or manufacturer’s suggested life estimates are used to establish a time interval representative of the service life beyond which the cost of asset failure outweighs the cost of replacement. The service life being the average life that all assets or components of a type are expected to last. Cyclically applied interventions can also be classed as interval-based management strategies, as there is a fixed period between a set of predefined actions that have to be taken. An interval-based approach is most commonly applied to manufactured assets with highly uniform performance levels. It is less applicable to assets constructed on site or long-lived complex assets where there is a greater level of uncertainty surrounding the expected life of the asset. Examples of the types of assets that are often maintained on an interval-based approach are signals, ITS equipment, and other mechanical and electrical related items.