Some people who own cars are so hard pressed for time that they neglect to maintain them. When something goes wrong, they take their cars to repair shops to get them fixed. However, this process wastes time, energy and money when many of these repairs could have been avoided with the proper maintenance.

Similarly, companies that manage physical assets -- such as pipes, turbines and vessels -- have long used a similar corrective maintenance approach to manage and operate their systems. And while they know the risks and costs associated with it, they are often constrained by other higher-priority activities.

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