Railway Asset Management provides Sustainable Infrastructures through evidence-based decision making to achieve the optimum performance with Economic benefit while ensuring Safety and Integrity. It covers defining Asset Management Policy, Strategy and Framework. Key factors to consider are the physical deterioration, obsolescence, operation and maintenance of the system. Corrective Actions are based on management Data Reviews.

Asset Managers must perform Risk Analysis and Predictive Analysis for Maintenance planning. In addition, a Qualitative Vulnerability Analysis and Managerial Oversight Risk Analysis should be performed to evaluate System Safety Robustness. 

After defining the System Reliability, Reliability Allocation to sub-systems are fixed and various Design and Manufacture criterions are followed with trade-off between Performance and Service life-cycle Cost. Failure probabilities are calculated after Mitigation of critical Failure Modes. Cost models on maintenance optimization can be based on Markov model with Inspection and Replacement policy. Incentive on improved Reliability and Supply of specific Reliability Data for the Equipment must be implied in Supply Contract, considering other performance aspects. 

Acceptance Testing should comply with Reliability Targets and specify Accelerated Stress Test Duration, including Burn-in periods, if any. Maximum Likelihood Estimation for Failure is calculated before Asset acceptance.

While increasing Reliability, Preventive Maintenance reduces Availability and might introduce new failures. So, Predictive Maintenance using Diagnostics and Prognostics is a better Option. Comparisons between Repair and Renewal are chosen to maximize Availability.

MTTR must comply with 95% Confidence that Repairs are performed within defined duration. Optimum Inspection Interval must be calculated from Failure Rates, Inspection duration and Repair time. Adequacy of Spare Parts and Location of Stores, whether Centralized or Distributed, are to be specified after calculations to provide maximum Availability. 

Reliability Growth testing must be done to verify stipulated MTTF.

To avoid any lapse during On-site Maintenance Activities due to Human Errors, specific Checklists, Maintenance Tools and, Drawings must be available. Proper updated Training is mandatory for the Concerned men-at-site. Cloud-based Intelligent Safety Asset Management can implement Expert Systems, Video Conferencing with Experts during emergency and Video Surveillance of Construction Sites.

Finally, Asset Management Audits check whether the specified strategies are being followed.