Value of Information from Condition Inspection for a Gamma Degradation Process

For components subject to continuous degradation appropriate maintenance decisions are needed for optimal operation in the presence of uncertainty regarding failure occurrence. Sometimes, uncertainty can be reduced through the collection of additional information on components' state. Value of Information (VoI) may be used to assess the impact of uncertainty reduction on the outcome of health management decisions. It is applied here in the context of a continuous degradation, modeled through a gamma process.