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research
Optimising Age-Replacement and Extended Non-Renewing Warranty Policies in Lifecycle Costing
Authors
Phil Longhurst
Shaomin Wu
Publication date
1 April 2011
Publisher
'Elsevier BV'
Doi
Cite
Abstract
This paper analyses the life cycle cost of equipment protected by both base and extended warranty policies from a consumer's perspective. We assume that the equipment has two types of failure: minor and catastrophic. A minor failure can be corrected with minimal repair whereas a catastrophic failure can only be removed by a replacement. It is assumed that equipment is maintained at no charge to the consumer during the warranty period, whereas the consumer is fully charged for any maintenance on failures after the extended warranty expires. We formulate the expected life cycle cost of the equipment under a general failure time distribution, and then for special cases we prove that the optimal replacement and extended warranty policies exists where the expected life cycle cost per unit time is minimised. This is examined with numerical examples. © 2011 Elsevier B.V. All rights reserved
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Last time updated on 06/06/2013
Cranfield CERES
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Last time updated on 07/02/2012