“…The early methods focused on test interval optimization based on minimizing the time-average unavailability without considering cost (Jacobs, 1968;Hirsch, 1971;Signoret, 1976;Vaurio, 1991). This approach was later extended to optimization based on cost with safety primarily being a constraint (Vaurio, 1995;Vatn et al, 1996;Dekker, 1996;Vaurio, 1997;Vatn, 1997) and optimization based on equipment risk without consideration for risk to humans (Vaurio, 1995;Jo and Park, 2003;Khalaquzzaman et al, 2010Khalaquzzaman et al, , 2011Kančev andČepin, 2011a,b). Cost-based optimization is being widely applied in industrial engineering and features as a step in the RCM (Reliability Centered Maintenance) process, where it is used to optimize the maintenance interval after a suitable maintenance task would have been selected with the RCM decision tree (Rausand and Vatn, 2008).…”