Systems, methods, and software for reliability, hazard, and integrity optimization are disclosed. In at least some embodiments, the software includes an input module, a failure model module, a simulation module, and an optimization module. The input module accepts a list of assets to be managed and determines design data and process data for each asset. The failure model module determines probability of failure curve parameters for each asset degradation mode. The simulation module simulates an asset management plan to determine a total management cost that includes costs for predicted failures as well as risk-weighted costs for each degradation mode of each asset generates alternative management plans for evaluation by the simulation module and provides a selected management plan for display to a user. In each embodiment, the total management costs may account not only for direct costs, but also for safety costs, environmental costs, and business costs.