The research implications of reliability, availability and maintainability (RAM) aspects of engineering systems in recent years have increased substantially due to rising operation and maintenance costs. To strike a balance between the two the paper presents a framework which makes use of both qualitative and quantitative techniques to optimize RAM and cost decisions in a process plant. In the quantitative analysis, the imprecise and vague information regarding the system failure behavior is quantified by using the principles of fuzzy mathematics in terms of fuzzy and crisp values. Further, to manage the system reliability for best economic performance a resource optimization model based on multi-stage decision making (MSDM) has been proposed. The model makes use of crisp output values of unit's reliability along with relevant system information (number of components, manpower, cost ranges). In the qualitative analysis the in-depth analysis of the system is carried out using Root Cause analysis (RCA) and Failure Mode & Effects Analysis (FMEA). The ambiguities associated with the traditional FMEA are handled using Fuzzy Decision Making System (FDMS) and Grey Relation Analysis (GRA). The suggested framework has been illustrated with the help of a case. (c) 2012 Elsevier Ltd. All rights reserved.