Optimal age-replacement policy for renewing warranted products

Chen J-A and Chien Y-H

Journal of Risk and Reliability, 2007, vol. 221, issue 4, 229-237

Abstract: Preventive replacement is a well-known topic in the literature of operational research and reliability. The effects of a renewing free-replacement warranty (RFRW) on the age replacement policy for a repairable product with a general failure model are discussed. There are two types of failure when the product fails. One is type I failure, which can be removed by a minimal repair, and the other is type II failure, which can be removed only by a replacement. After a minimal repair, the product is operational but the failure rate of the product remains unchanged. For both warranted and non-warranted products, cost models are developed and the corresponding optimal replacement ages are derived based on the minimized long run expected cost rate. The impacts of the RFRW on the optimal replacement age are investigated analytically. Finally, numerical examples are given for the purposes of illustration.

Keywords: age replacement policy; long run expected cost rate; renewing free-replacement warranty; general failure model; minimal repair (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:sae:risrel:v:221:y:2007:i:4:p:229-237

DOI: 10.1243/1748006XJRR52

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