A Bayesian analysis of component life expectancy and its implications on the inspection schedule

The study takes into account in exact manner both variability and uncertainty. A novel Approximate Bayesian Computation (ABC) methodology is introduced for the quantification of uncertainty, i.e. the sampling of the posterior distribution of the parameters of the model. At the price of the discretization of this distribution, the methodology represents a quickly implemented option in problems where standard ABC rejection sampling is unacceptably inefficient.