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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.

Listed below are some of the stochastic tools used in asset 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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