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A method which incorporates modeling of equipment deterioration, inspection, and minor & major maintenance for optimal maintenance decision is proposed in this paper. Optimal inspection and maintenance policy to maximize equipment availability and minimize the cost is evaluated by semi-Markov processes and semi-Markov decision processes. An example illustrates the implementation of proposed method for maintenance evaluation of circuit breakers. Also the results of how inspection and maintenance rate impact equipment availability and benefit are discussed. This study is valuable for utilities to determine optimal maintenance policy of equipment.