FUNDING A WARRANTY RESERVE WITH CONTRIBUTIONS AFTER EACH SALE
We consider funding an interest-bearing warranty reserve with contributions after each sale. The problem for the manufacturer is to determine the initial level of the reserve fund and the amount to be put in after each sale, so as to ensure that the reserve fund covers all of the warranty liabilitie...
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| Veröffentlicht in: | Probability in the engineering and informational sciences 2006-07, Vol.20 (3), p.497-515 |
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| container_title | Probability in the engineering and informational sciences |
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| creator | Buczkowski, Peter S. Kulkarni, Vidyadhar G. |
| description | We consider funding an interest-bearing warranty reserve with
contributions after each sale. The problem for the manufacturer is to
determine the initial level of the reserve fund and the amount to be put
in after each sale, so as to ensure that the reserve fund covers all of
the warranty liabilities with a prespecified probability over a fixed
period of time. We assume a nonhomogeneous Poisson sales process, random
warranty periods, and a constant failure rate for items under warranty. We
derive the mean and variance of the reserve level as a function of time
and provide a robust heuristic to aid the manufacturer in its
decision. |
| doi_str_mv | 10.1017/S026996480606030X |
| format | Article |
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contributions after each sale. The problem for the manufacturer is to
determine the initial level of the reserve fund and the amount to be put
in after each sale, so as to ensure that the reserve fund covers all of
the warranty liabilities with a prespecified probability over a fixed
period of time. We assume a nonhomogeneous Poisson sales process, random
warranty periods, and a constant failure rate for items under warranty. We
derive the mean and variance of the reserve level as a function of time
and provide a robust heuristic to aid the manufacturer in its
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contributions after each sale. The problem for the manufacturer is to
determine the initial level of the reserve fund and the amount to be put
in after each sale, so as to ensure that the reserve fund covers all of
the warranty liabilities with a prespecified probability over a fixed
period of time. We assume a nonhomogeneous Poisson sales process, random
warranty periods, and a constant failure rate for items under warranty. We
derive the mean and variance of the reserve level as a function of time
and provide a robust heuristic to aid the manufacturer in its
decision.</description><subject>Differential equations</subject><subject>Insurance premiums</subject><subject>Manufacturers</subject><subject>Product life cycle</subject><subject>Random variables</subject><subject>Renewals</subject><subject>Replacement costs</subject><subject>Sales</subject><subject>Theory</subject><subject>Warranties</subject><issn>0269-9648</issn><issn>1469-8951</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2006</creationdate><recordtype>article</recordtype><sourceid>ABUWG</sourceid><sourceid>AFKRA</sourceid><sourceid>AZQEC</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><sourceid>GNUQQ</sourceid><recordid>eNp1kEtPwzAQhC0EEqXwA7hZ3AN27Phx4OCGpIlUpSJJKZwsN3VQy6PFbiX496RqBQeE9rCH-WZnNQBcYnSNEeY3FQqZlIwKxLoh6PEI9DBlMhAywsegt5ODnX4KzrxfIoS4oKIHbtNJcZcXQ6jgVJWlKuonWCZVUj4kcJrXGYzHRV3mg0mdj4sKqrROSpioOIOVGiXn4KQ1r95eHHYfTNKkjrNgNB7msRoFDYnoJmjEDEvCach4iC2VQgjUhogwY6zhtm0kkxFnVhhJcCSw5Zzids5mrJlHjISkD672d9du9bG1fqOXq6177yJ1iAkiXCDZQXgPNW7lvbOtXrvFm3FfGiO9K0n_KanzBHvPwm_s54_BuBfNOOGRZsN7PRXZIC2zVNOOJ4cM8zZzi_mz_f3k_5RvBvpweg</recordid><startdate>20060701</startdate><enddate>20060701</enddate><creator>Buczkowski, Peter S.</creator><creator>Kulkarni, Vidyadhar G.</creator><general>Cambridge University Press</general><scope>BSCLL</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>3V.</scope><scope>7SC</scope><scope>7TB</scope><scope>7XB</scope><scope>88I</scope><scope>8AL</scope><scope>8FD</scope><scope>8FE</scope><scope>8FG</scope><scope>8FK</scope><scope>ABJCF</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>ARAPS</scope><scope>AZQEC</scope><scope>BENPR</scope><scope>BGLVJ</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FR3</scope><scope>GNUQQ</scope><scope>HCIFZ</scope><scope>JQ2</scope><scope>K7-</scope><scope>KR7</scope><scope>L6V</scope><scope>L7M</scope><scope>L~C</scope><scope>L~D</scope><scope>M0N</scope><scope>M2P</scope><scope>M7S</scope><scope>P5Z</scope><scope>P62</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>PRINS</scope><scope>PTHSS</scope><scope>Q9U</scope></search><sort><creationdate>20060701</creationdate><title>FUNDING A WARRANTY RESERVE WITH CONTRIBUTIONS AFTER EACH SALE</title><author>Buczkowski, Peter S. ; 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Eng. Inf. Sci</addtitle><date>2006-07-01</date><risdate>2006</risdate><volume>20</volume><issue>3</issue><spage>497</spage><epage>515</epage><pages>497-515</pages><issn>0269-9648</issn><eissn>1469-8951</eissn><abstract>We consider funding an interest-bearing warranty reserve with
contributions after each sale. The problem for the manufacturer is to
determine the initial level of the reserve fund and the amount to be put
in after each sale, so as to ensure that the reserve fund covers all of
the warranty liabilities with a prespecified probability over a fixed
period of time. We assume a nonhomogeneous Poisson sales process, random
warranty periods, and a constant failure rate for items under warranty. We
derive the mean and variance of the reserve level as a function of time
and provide a robust heuristic to aid the manufacturer in its
decision.</abstract><cop>New York, USA</cop><pub>Cambridge University Press</pub><doi>10.1017/S026996480606030X</doi><tpages>19</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0269-9648 |
| ispartof | Probability in the engineering and informational sciences, 2006-07, Vol.20 (3), p.497-515 |
| issn | 0269-9648 1469-8951 |
| language | eng |
| recordid | cdi_proquest_journals_213037809 |
| source | Cambridge University Press Journals Complete |
| subjects | Differential equations Insurance premiums Manufacturers Product life cycle Random variables Renewals Replacement costs Sales Theory Warranties |
| title | FUNDING A WARRANTY RESERVE WITH CONTRIBUTIONS AFTER EACH SALE |
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