The entry-time approach to dynamic reliability is based upon computational solution of the Chapman-Kolmogorov (generalized state-transition) equations underlying a certain class of marked point processes. Previous work has verified a particular finite-difference approach to computational solution of these equations. The objective of this work is to illustrate the potential application of the entry-time approach to risk-informed asset management (RIAM) decisions regarding maintenance or replacement of major systems within a plant. Results are presented in the form of plots, with replacement/maintenance period as a parameter, of expected annual revenue, along with annual variance and annual skewness as indicators of associated risks. Present results are for a hypothetical system, to illustrate the capability of the approach, but some considerations related to potential application of this approach to nuclear power plants are discussed.

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