Computing optimum design parameters of a progressive type I interval censored life test from a cost model

Sonal Budhiraja and Biswabrata Pradhan

Applied Stochastic Models in Business and Industry, 2017, vol. 33, issue 5, 494-506

Abstract: This work considers optimum design of a life testing experiment with progressive type I interval censoring. A cost minimization‐based optimality criterion is proposed. The proposed cost function incorporates the cost of conducting the experiment, opportunity cost, and post‐sale cost. It is shown that the proposed cost function is scale invariant for any lifetime distribution whose support does not depend on the parameters of the distribution. Weibull distribution is considered for illustration. Optimum solution is obtained by a suitable numerical method. A sensitivity analysis is undertaken to study the effect of small perturbations in lifetime model parameter values or cost coefficients. Copyright © 2017 John Wiley & Sons, Ltd.

Date: 2017
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https://doi.org/10.1002/asmb.2251

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Persistent link: https://EconPapers.repec.org/RePEc:wly:apsmbi:v:33:y:2017:i:5:p:494-506

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