Final answer:
The statement that tools and equipment should be inspected regularly is true. This is essential for the safety, efficiency, and cost-effectiveness of operations. Based on inspections, decisions to repair, replace, or condemn equipment are made.
Step-by-step explanation:
The statement 'Inspect tools and equipment regularly to identify defective ones for repair, replacement, or condemnation' is true. Regular inspections are critical in any business or operational setting to maintain safety and efficiency. Detecting defective equipment early on can prevent accidents, ensure reliability, and save costs associated with unexpected breakdowns. These inspections should be part of a routine maintenance program. When defects are identified, decisions can be made to repair, replace, or in some cases condemn the equipment based on the severity of defects and the feasibility of repair. The process of condemning involves formally deciding that equipment is no longer fit for use and should be disposed of.