Determination of the optimal warranty policy and period from the manufacturer's/seller's perspective

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dc.authoridyildiz, mehmet selami/0000-0002-6557-6372
dc.contributor.authorMutlu, Hakan Tahiri
dc.contributor.authorYildiz, Mehmet Selami
dc.date.accessioned2021-12-01T18:48:23Z
dc.date.available2021-12-01T18:48:23Z
dc.date.issued2021
dc.department[Belirlenecek]en_US
dc.description.abstractThis study aims to determine the most appropriate warranty period and policy with the lowest warranty cost from the manufacturer/seller point of view. The warranty policy to be put forward and the warranty period to be offered under this policy should ensure customer satisfaction while at the same time causing a minimum cost to the manufacturer/seller. For this reason, the optimum warranty period within the scope of Free-Replacement Warranty (FRW) policy, Pro-Rata Warranty (PRW) policy, and Combined FRW/PRW policy which was the combination of those two warranty policies were tried to be determined. In the study which was done to determine the most appropriate warranty period, economic benefit and the benefit function obtained from warranty cost and dissatisfaction cost functions were used. While obtaining necessary formulas, exponential distribution, which was widely used in life tests as density function and gamma and inverse-gamma functions as prior distribution of the exponential distribution were used. To demonstrate the applicability and flexibility of the model, some typical sales models and numerical values for exponential lifetime distribution were used, and an algorithm was created to find the optimal solution. When all of the results were analyzed it was seen that Combined FRW/PRW policy was the most appropriate warranty cost as a result of testing the models obtained and it was also found that the warranty cost was almost 3% of the sale price. Within the frame of these obtained results, Combined FRW/PRW policy was suggested for the warranty service to be served with the product to the manufacturer/seller. If the warranty period number of revolutions were chosen almost g1=0.054., g2=0.120. the warranty cost will be in the minimum level and it will be almost 3% of the product sale price. The validity and accuracy of the proposed strategy was verified by a case study with a numerical sample providing a scientific basis.en_US
dc.identifier.doi10.1080/03610918.2021.1941110
dc.identifier.issn0361-0918
dc.identifier.issn1532-4141
dc.identifier.scopus2-s2.0-85108637834en_US
dc.identifier.scopusqualityQ3en_US
dc.identifier.urihttps://doi.org/10.1080/03610918.2021.1941110
dc.identifier.urihttps://hdl.handle.net/20.500.12684/10520
dc.identifier.wosWOS:000665658800001en_US
dc.identifier.wosqualityQ3en_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherTaylor & Francis Incen_US
dc.relation.ispartofCommunications In Statistics-Simulation And Computationen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectBayesian approachen_US
dc.subjectPrior distributionen_US
dc.subjectSimulationen_US
dc.subjectWarranty costen_US
dc.subjectWarranty perioden_US
dc.subjectWarranty policyen_US
dc.subject2-Dimensional Extended Warrantyen_US
dc.subjectPreventive Maintenance Strategyen_US
dc.subjectFree Replacementen_US
dc.subjectProducts Subjecten_US
dc.subjectLengthen_US
dc.subjectPriceen_US
dc.subjectTimeen_US
dc.subjectOptimizationen_US
dc.subjectSystemen_US
dc.subjectFailureen_US
dc.titleDetermination of the optimal warranty policy and period from the manufacturer's/seller's perspectiveen_US
dc.typeArticleen_US

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