 Value of information in sequential decision making: Component inspection, permanent monitoring and system-level schedulingMilad Memarzadeh and Matteo Pozzi Reliability Engineering and System Safety, 2016, vol. 154, issue C, 137-151 Abstract: We illustrate how to assess the Value of Information (VoI) in sequential decision making problems modeled by Partially Observable Markov Decision Processes (POMDPs). POMDPs provide a general framework for modeling the management of infrastructure components, including operation and maintenance, when only partial or noisy observations are available; VoI is a key concept for selecting explorative actions, with application to component inspection and monitoring. Furthermore, component-level VoI can serve as an effective heuristic for assigning priorities to system-level inspection scheduling. We introduce two alternative models for the availability of information, and derive the VoI in each of those settings: the Stochastic Allocation (SA) model assumes that observations are collected with a given probability, while the Fee-based Allocation model (FA) assumes that they are available at a given cost. After presenting these models at component-level, we investigate how they perform for system-level inspection scheduling. Keywords: Inspection scheduling; Pre-posterior analysis; System maintenance (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:reensy:v:154:y:2016:i:c:p:137-151 DOI: 10.1016/j.ress.2016.05.014 Access Statistics for this article Reliability Engineering and System Safety is currently edited by Carlos Guedes Soares More articles in Reliability Engineering and System Safety from Elsevier |
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