The developing ASME Inspection Planning Standard for pressurized operating equipment has a three-level framework that is designed for a range of user needs. The three levels of qualitative, semi-quantitative and tally-quantitative are brieflypresented and how they relate for future standard users is explained. An example of the fully-quantitative approach to inspection planning, called Maintenance Optimization, will be presented in detail along with its basis in decision and financialanalysis. The discussion will focus on the relationship between engineering and finance and how the prioritization and timing of maintenance expenditures can maximize Net Present Value savings. Finally, examples of the application of the maintenanceoptimization approach will be discussed.
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