Abstract
This paper overviews traditional approaches in engineering economics and reliability engineering to maintenance and replacement and examines their applicability to infrastructure management. Problem of infrastructure management is formalized as a general stochastic impulse control (SIC) model and then a way for solving it is instructed. As a special case of the problem, the discrete stochastic dynamic programming (SDP) is illustrated with its application to replacement of an infrastructure. Finally, the research agendas for the methodological development of infrastructure management, particularly topics in project accounting system, mechanism design are discussed in perspective view.
