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Optimal periodic replacement policy for a warranted product subject to multi modes failure process

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  • Azmat Ullah
  • Wei Jiang

Abstract

A complex product subjects to multiple failure modes such as minor and catastrophic failure with some probability. This paper investigates the effects of minor failure and catastrophic failure on the periodic replacement policy for a complex product supported by a warranty period. Cost models are developed and the expected optimal replacement policies are developed analytically such that long run expected life-cycle cost rate is minimized. Structural properties of the optimal replacement policies are derived for a product which fails with multiple failure modes and the failure rate is an increasing function of time. Finally, a numerical experiment is performed to show the important features of our study.

Suggested Citation

  • Azmat Ullah & Wei Jiang, 2019. "Optimal periodic replacement policy for a warranted product subject to multi modes failure process," Journal of Management Analytics, Taylor & Francis Journals, vol. 6(2), pages 154-172, April.
    • Handle: RePEc:taf:tjmaxx:v:6:y:2019:i:2:p:154-172
    DOI: 10.1080/23270012.2019.1596846
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    Cited by:

    1. Lijun Shang & Yongjun Du & Cang Wu & Chengye Ma, 2022. "A Bivariate Optimal Random Replacement Model for the Warranted Product with Job Cycles," Mathematics, MDPI, vol. 10(13), pages 1-16, June.
    2. Koziel, Sylvie & Hilber, Patrik & Westerlund, Per & Shayesteh, Ebrahim, 2021. "Investments in data quality: Evaluating impacts of faulty data on asset management in power systems," Applied Energy, Elsevier, vol. 281(C).

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