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Bayesian approaches for optimizing warranty length of products
Abstract:   (82 Views)

Today's manufacturers face increasingly intense competition and to remain profitable they needed to design, develop and produce high reliable products. One way by which manufacturers attract consumers to their products is by providing warranties on the products. Consumers are willing to purchase a longer warranty period product. While maintaining such a policy needs very high cost for manufacturers. Determining the appropriate warranty length becomes an important decision problem for manufacturers. In this article, by Bayesian approach and using an appropriate utility function, we determine the optimal warranty lengths for product with exponential life time distribution.       

Keywords: Bayesian analysis, dissatisfaction cost, economic benefit, posterior predictive distribution, warranty cost.
Full-Text [PDF 635 kb]   (34 Downloads)    
Type of Study: Research | Subject: Special
Received: 2016/11/21 | Accepted: 2018/04/9 | Published: 2018/04/9
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Bayesian approaches for optimizing warranty length of products. Andishe. 2018; 22 (2)
URL: http://andisheyeamari.irstat.ir/article-1-462-en.html


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مجله اندیشه آماری Andishe _ye Amari
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