A Nearly Optimal Inspection Policy

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Abstract This paper is concerned with an easily computable inspection policy for the detection of the failure of a system. A one-parameter policy is suggested and it is shown that this policy has the property of decreasing (increasing) intervals between successive inspection times if the system has an increasing (decreasing) failure rate. Cost comparisons, using linear cost functions, with a computationally difficult optimal policy which has a minimium expected cost show that the proposed policy compares quite well with the optimal policy.