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International Society of Science and Applied Technologies |
| Optimal Time-Based Maintenance and Full-Refund Warranty Policies | ||||
| Author | Xinyan Li
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| Co-Author(s) | Hongshuang Feng; Xufeng Zhao
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| Abstract | Product warranty policies modeled based on the age replacement policy have been studied extensively. However, from manufacturer’s point of view, it is more natural to consider providing some preventive maintenance at periodic times between successive operating periods if necessary, which will be considered in this paper. That is, warranty period is planned to be renewed either at a preventive replacement time kT for a given T or at failures, whichever occurs first. Stochastic process was used to describe the working mechanism of our proposed policy and some reliability measures are derived. Using the renewal reward theory, the expected cost rates are derived and optimal policies which minimize them are discussed analytically and computed numerically.
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| Keywords | Time-based, full-refund, manufacturers, minimal repair, warranty period | |||
| Article #: RQD27-114 | ||||
Proceedings of 27th ISSAT International Conference on Reliability & Quality in Design |