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A Bayesian approach to replacement policy following the expiration of non-renewing combination warranty based on cost and downtime  

Jung, Ki-Mun (Department of Informational Statistics, Kyungsung University)
Publication Information
Journal of the Korean Data and Information Science Society / v.21, no.5, 2010 , pp. 873-882 More about this Journal
Abstract
This paper considers a Bayesian approach to replacement policy following the expiration of non-renewing combination warranty. The non-renewing combination warranty is the combination of the non-renewing free replacement warranty and the non-renewing pro-rata replacement warranty. We use the criterion based on the expected cost and the expected downtime to determine the optimal replacement period. To do so, we obtain the expected cost rate per unit time and the expected downtime per unit time, respectively. When the failure times are assumed to follow a Weibull distribution with uncertain parameters, we propose the optimal replacement policy based on the Bayesian approach. The overall value function suggested by Jiang and Ji (2002) is utilized to determine the optimal replacement period. Also, the numerical examples are presented for illustrative purpose.
Keywords
Expected cost; expected downtime; non-renewing combination warranty; overall value function;
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Times Cited By KSCI : 4  (Citation Analysis)
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