MOST-FIT: Support Techniques for Inspection and Life Cycle Optimization in Building Asset Management

Among the various asset management functions that support capital renewal decisions, both inspection and fund‐allocation are very challenging in terms of time, cost, and technology. To support these functions, this article introduces two unique techniques that can be implemented, individually or combined, into any asset management system: (1) Focused‐Inspection Technique (FIT); and (2) Multiple Optimization and Segmentation Technique (MOST). FIT improves inspection by incorporating an analysis of reactive‐maintenance data to predict components’ conditions, thus saving the time and cost of indiscriminate inspections. The MOST technique, on the other hand, has a unique formulation for large‐scale optimization involving thousands of assets simultaneously, thus maximizes the return of renewal dollars. The article provides a description of the MOST‐FIT techniques and discusses their implementation in a prototype system that suits a large school board in North America. The proposed techniques are innovative and help organizations with large building assets improve the overall condition of their inventory with highest return on the limited renewal budget.