A practical guide to facilitate statistically well-founded decisions in the management of assets of an electricity grid Effective and economic electric grid asset management involves many complex decisions on repair, replacement and maintenance. This timely reference provides a statistically well-founded, tried and tested analysis methodology for improved decision making and asset management strategy for optimum grid operation and reliability. The techniques described are also sufficiently robust to apply to small data sets enabling asset managers to deal with early failures or testing with limited sample sets. The book describes the background, concepts and statistical techniques to evaluate failure probability, remaining lifetime, compliancy with specifications, effectiveness of network configurations and stocks of spare parts. It also shows how the representation and analysis of data can be made consistent, as well as explaining modern upcoming methodologies such as the Health Index and Risk Index. Key features: * Offers hands-on tools and techniques for data analysis, health and risk indices and the resulting maintenance strategies. * End-of-chapter problems and solutions to facilitate self-study via a book companion website. The book is essential reading for advanced undergraduate and graduate students in electrical engineering, quality engineers, utilities and industry strategists, transmission and distribution system planners, asset managers and risk managers.