Predictive maintenance/inspection planning and fitness-for-service analyses are being applied more frequently to address the effect of component aging affecting plant reliabibility. Component aging is one of the critical issues in an increasingly competitive environment, especially in plant components built and installed during the 50s and 60s. Maintenance optimization is also a critical issue for components, such as those that operate in the creep regime, and therefore age quickly. Maximizing the value received for each predictive maintenance/inspection dollar is the key. This article introduces the use of decision analysis to unite engineering analysis and economic evaluation for decision making. To illustrate this idea, examples of this approach applied to chemical facility components will be presented. In addition, the concept of priority-ranking multiple component maintenance/inspectio projects having maintenance budget and safety constraints in a way that maximizes Net Present Value, will be presented.