Economically optimal inspection policy with geometric adaptation

Christopher Weigand

Journal of Applied Statistics, 2003, vol. 30, issue 5, 555-569

Abstract: A process is considered whose quality deteriorates according to a constant failure intensity 5 . As, in practice, it can be difficult to estimate the true value of 5 , the purpose of this paper is to present a strategy that can be applied without knowing 5 . In order to maximize profit per item, perfect inspections and renewals are performed. The length of the inspection interval is described by a geometric sequence and changes in time, depending on perceived assignable causes. Optimal adaptive control plans provide nearly the same profit per item as in the case when 5 is known.

Date: 2003
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DOI: 10.1080/0266476032000053673

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