Condition-based maintenance (CBM) enables fleet-level decisions that increase readiness, increase time between overhaul (TBO) and reduce inspections. Since engines account for a significant portion in overall maintenance cost drivers, detection of incipient faults is an important element of the overall CBM equation. The last few years have seen significant progress in design, development and deployment of engine health monitoring. In order for such potential health monitoring solutions to be operationally viable, they must integrate with existing engine designs and maintenance processes. That is, technical factors must be balanced against economic and operational benefits.
A Cost-Benefit Analysis (CBA) is used to provide a comparison of alternative solutions that decision-makers can use to identify the most cost-effective approach to CBM. In this paper we describe our approach to developing the underlying value capture expressions for monetizing cost and benefits. We illustrate the approach to evaluate two options for mechanical components health monitoring techniques for a gas turbine engine. We conclude the paper with how CBA summary results can be presented to a decision maker.