Abstract: An improved method of selecting and planning the performance of various maintenance activities on a facility such as a nuclear power plant includes determining the net present value of a number of future net savings that are expected to result from performance of the maintenance activity at a given time, and selecting and planning the maintenance activities in a fashion that maximizes net present value. The method includes, for each of a number of components and a number of time periods, determining a change in the probability that a component will fail within a time period, with the change resulting from an assumption that a maintenance activity is performed. The change in probability is multiplied with the losses associated with a failure in order to determine a gross savings from which costs are subtracted to determine net savings.