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A large percentage of economic evaluations involve replacing or retaining an in-place asset or system. The fundamental question raised by a replacement study is should it be replaced now or later? Capturing the knowledge of a replacement study requires a framework for understanding precisely how replacement and retention decisions are made. OPM provides a solid basis for representing and managing knowledge about complex systems by defining, specifying, and analyzing system objects, processes, and the relationships among them in a structural way. OPM uses Object-Process Diagrams (OPDs) for expressing the objects of a modeled system and processes that affect them. This study presents an application of OPM to modeling an economical plant replacement study based on economic service life (ESL)