Optimal scheduling of inspection times in a production process with a finite planning horizon

Honest Chipoyera

Applied Stochastic Models in Business and Industry, 2016, vol. 32, issue 6, 775-791

Abstract: Inspection models applicable to a finite planning horizon are developed for the following lifetime distributions: uniform, exponential, and Weibull distribution. For a given lifetime distribution, maximization of profit is used as the sole optimization criterion for determining an optimal planning horizon over which a system may be operated as well as ideal inspection times. Illustrative examples (focusing on the uniform and Weibull distributions and using Mathematica programs) are given. For some situations, evenly spreading inspections over the entire planning horizon are seen to result in the attainment of desirable profit levels over a shorter planning horizon. Scope for further research is given as well. Copyright © 2016 John Wiley & Sons, Ltd.

Date: 2016
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https://doi.org/10.1002/asmb.2201

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Persistent link: https://EconPapers.repec.org/RePEc:wly:apsmbi:v:32:y:2016:i:6:p:775-791

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