This special issue was initiated by the Editor, Carlos Guedes Soares in response to the growing awareness that the deterioration and corrosion of materials used in ageing physical infrastructure is matter of increasing concern to assets owners and managers both in private enterprise and in the public domain. Safety to users and to the public, disruption of service and overall economic costs are among the main reasons for concern. Sensible management able to meet both regulatory requirements and economic imperatives increasingly requires application of rational economic evaluations, including risk assessments. A key issue is the expected degradation of an infrastructure system both in the short and the long-term future. In a manner analogous to the discount rate for economic assessment, the rate of degradation can markedly influence economic assessments. It also has important implications for the setting of rational assets management policies, strategies and practices.
Reliability Engineering & System Safety Vol. 93, Issue 3