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A new approach has been developed in support of re-assessment studies for irradiation facilities. Though this work deals with modeling and assessment of irradiation facility, the methodology described in this paper can be easily adopted with minor changes for any engineering system. This paper discusses the salient features of the methodology through a case study performed on a 30-year-old irradiation facility. The basic approach is risk-informed in nature. Here, the insights from the Probabilistic Safety Assessment along with Operation and Maintenance experience was utilized to support decisions related to regulatory re-licensing for life extension of the plant. [ABSTRACT FROM AUTHOR]