
Replacement Asset Value (RAV) is one of the most commonly cited numbers in maintenance and reliability. It shows up in benchmarking, performance metrics, and budgeting. Yet for something so widely used, RAV is also one of the most inconsistently defined terms in asset management. The confusion isn’t because the concept is complicated. It’s because different disciplines use the same word—replacement—to answer very different questions.
If we want better decisions, we need to get the frame right.
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