“…In the literature, deterministic (normalized) cost models are generally utilized in probabilistic reliability or risk-informed optimizations of I&M strategies (Agusta et al, 2020;Ali et al, 2020;60 Ambuhl and Sorensen, 2017;Bismut and Straub, 2021;Farhan et al, 2021;Florian and Sorensen, 2017;Long et al, 2020;Madsen et al, 1991;Martinez-Luengo and Shafiee, 2019;Moan, 2005;Nielsen and Sorensen, 2010;Pozzi and Kiureghian, 2011;Schneider et al, 2019;Straub, 2004;Thöns, 2018). Although such cost models enable an optimization of I&M activities, they lack the ability to fully quantify the effect of the uncertainties in the I&M costs 65 on the total expected costs of an I&M strategy.…”