Economic optimization in a fixed sequence of unreliable inspections

Economic optimization in a fixed sequence of unreliable inspections

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Article ID: iaor2004934
Country: United Kingdom
Volume: 54
Issue: 6
Start Page Number: 605
End Page Number: 613
Publication Date: Jun 2003
Journal: Journal of the Operational Research Society
Authors: ,
Abstract:

Given a fixed sequence of unreliable inspection operations with known costs and inspection error probabilities of two types (classifying good items as defective and vice versa), we develop a model for selecting the set of inspections that should be activated in order to minimize expected total costs (inspection and penalties). We present an efficient branch and bound algorithm for finding the optimal solution, and two variations of a greedy heuristic that can be applied jointly to provide very good solutions at a O(n2) computational complexity. The conclusions are backed by a factorial experiment that included 1440 problem instances.

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