A completely revised and updated edition of a bestseller, Maintenance, Replacement, and Reliability: Theory and Applications, Second Edition supplies the tools needed for making data-driven physical asset management decisions. The well-received first edition quickly became a mainstay for professors, students, and professionals, with its clear presentation of concepts immediately applicable to real-life situations. However, research is ongoing and relentless-in only a few short years, much has changed. See What's New in the Second Edition: New Topics The role of maintenance in sustainability issues PAS 55, a framework for optimizing management assets Data management issues, including cases where data are unavailable or sparse How candidates for component replacement can be prioritized using the Jack-knife diagram New Appendices Maximum Likelihood Estimated (MLE) Markov chains and knowledge elicitation procedures based on a Bayesian approach to parameter estimation E-learning materials now supplement two previous appendices (Statistics Primer and Weibull Analysis) Updated the appendix List of Applications of Maintenance Decision Optimization Models Firmly based on the results of real-world research in physical asset management, the book focuses on data-driven tools for asset management decisions. It provides a solid theoretical foundation for various tools (mathematical models) that, in turn, can be used to optimize a variety of key maintenance/replacement/reliability decisions. It presents cases that illustrate the application of these tools in a variety of settings, such as food processing, petrochemical, steel and pharmaceutical industries, as well as the military, mining, and transportation (land and air) sectors. Based on the authors' experience, the second edition maintains the format that made the previous edition so popular. It covers theories and methodologies grounded in the real world. Simply stated, no other book available addresses the range of methodologies associated with, or focusing on, tools to ensure that asset management decisions are optimized over the product's life cycle. And then presents them in an easily digestable and immediately applicable way.