“…Gradually, this approach was extended to encompass equipment selection, renewal, and renovation, as well as maintenance cost control within asset-intensive industries such as power grids (Li et al, 2019), railroads (Shi et al, 2021), bridges (Han et al, 2021;Karabulut et al, 2021), ports (Berawi et al, 2018) and vessels (Wang et al, 2021a). With this approach, it is possible to evaluate the overall long-term economic efficiency and make the optimal strategic choice from a financial perspective (Bui et al, 2022;Kumari et al, 2022;Leiva-Maldonado et al, 2023). Specifically, for projects characterized by long product life cycles and substantial maintenance expenses, such as SP, LCC proves to be a suitable method (Colarossi and Principi, 2023;Huo et al, 2017;Liu et al, 2023).…”