Approximating Expected Warranty Costs
- 1 December 1988
- journal article
- Published by Institute for Operations Research and the Management Sciences (INFORMS) in Management Science
- Vol. 34 (12) , 1441-1449
- https://doi.org/10.1287/mnsc.34.12.1441
Abstract
In this paper, we survey a portion of the literature in the analysis of warranty costs. In order to compare the price of different warranty policies, we review a framework which leads to expressing the expected costs in terms of complex functions arising in renewal theory. These functions and several approximations are discussed. In particular, a straight line approximation performs well.Keywords
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