“…A typical approach by most researchers and asset managers is to focus on the optimization of cost, from an economics perspective, using one or more of the following tools: benefit-to-cost analysis, life-cycle cost optimization or ROI analysis Woodhouse, 2012;Herrmann et al, 2011;Gu et al, 2012;Jones & Zsidisin, 2008). Other approaches focus on technical aspects that mostly deal with SIM and AIM, with the core components being safety, reliability, and availability Boutrot et al, 2017;Nielsen and Sørensen, 2021;Trampus, 2019). A few approaches combine both technical and economic aspects in the form of a techno-economic analysis, such as the work by Shafiee et al (2016) and by other authors (Golmakani and Pouresmaeeli, 2014;Picard et al, 2007).…”