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Stochastic
Assets or systems whose behaviour is non-deterministic, sporadic, and random.

These assets are not amenable to traditional time-based maintenance (TbM) strategies and require a fundamentally different set of principles, tool and techniques in order to derive deterioration models and make reasonable predictions.


Tools
Listed below are some of the stochastic tools used in asset management:


Management
Listed below are some of the management principles that may be appropriate to stochastic assets:

Irregular leak history requiring stochastic analysis for future risk management
Fig. Irregular leak history requiring stochastic analysis for future risk management.

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