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Modernization

The process of adapting an asset to the forces of technological obsolescence or functional obsolescence by replacing it with a newer asset.


Examples
Listed below are some examples of typical modernization projects:


Drivers
The key replacement drivers of modernization projects are:

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Fig. Elevator relay controls (pre-1980s technology) replaced with elevator solid state controls is a form of modernization project.


VFD retrofit
Fig. Triplex booster pump package replaced with package that includes VFDs is a form of modernization project. .

See also:
Compare with:

Retrofit of a conventional fire alarm control panel (FACP) to an addressable system
Fig. Retrofit of a conventional fire alarm control panel (FACP) to an addressable system.


The forces of retirement mapped onto the P-F curve
Fig. Modernization is driven principally by technological obsolescence.

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