Optimal inspection policies: A review and comparison

AbstractThis paper discusses two models of inspection policies. First, the nearly optimal inspection policies are discussed by introducing the inspection density and are compared to the existing inspection policies with numerical examples. Second, the inspection model with checking time and system deterioration is discussed. The algorithms are given by using the principle of optimality to seek the optimal inspection policies minimizing the total expected discounted costs in two cases without and with renewal. The numerical examples are finally presented for illustration