To survive the hard international competition, it is necessary for many companies to enhance their competition positions through, for example; reducing production cost, and maintaining and improving production process and product quality for increasing the profit margin. In order to achieve these strategic goals, a tool for making investments in maintenance more profitable is developed, introduced, tested and discussed. This tool/module is one of the modules included by an innovatively new Maintenance Decision Support System (MDSS). Theoretical backgrounds are introduced, and software prototype (AltSim) for making the application of any of the tool on the daily basis easier and more cost-effective are developed, discussed and their functionalities are tested in FIAT/CRF, Italy. It is designed to support maintenance and production engineers to achieve cost-effective maintenance decisions. The major result of this study is development and testing of innovatively new tool/software module for simulating and selecting the most cost-effective production and maintenance solution. The major conclusion that can be drawn is; applying AltSim it is possible to identify and select the most cost-effective solution when there are several technically application solutions for the same problem.