The Experts below are selected from a list of 798 Experts worldwide ranked by ideXlab platform
León León, Juan Camilo - One of the best experts on this subject based on the ideXlab platform.
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Modelo operativo para reducción del costo y desperdicio en líneas de garantía extendida aplicado a empresas de banca seguros
Maestría en Ingeniería Industrial, 2018Co-Authors: León León, Juan CamiloAbstract:Existen distintas dificultades en el desarrollo y funcionamiento de los negocios de seguros en garantía extendida, la más importante de ellas radica en que su comportamiento y que el manejo ¿e la línea de negocio no obedece a los parámetros normales para la operación de negocios tradicionales de la industria. Este estudio pretende planteai un modelo operativo que pueda ser aplicado en empresas de seguros con negocios de garantía extendida.There are different difficulties in the development and operation of insurance of Extended Warranty, the most important of which is that their behavior and the management of these business lines do not obey the parameters set for the operation of traditional business of the industry. This study aims to propose an operational model that can be applied in any insurance company with Extended Warranty business
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Modelo operativo para reducción del costo y desperdicio en líneas de garantía extendida aplicado a empresas de banca seguros
'Facultad De Ingenieria Universidad Del Zulia', 2018Co-Authors: León León, Juan CamiloAbstract:Existen distintas dificultades en el desarrollo y funcionamiento de los negocios de seguros en garantía extendida, la más importante de ellas radica en que su comportamiento y que el manejo ¿e la línea de negocio no obedece a los parámetros normales para la operación de negocios tradicionales de la industria. Este estudio pretende planteai un modelo operativo que pueda ser aplicado en empresas de seguros con negocios de garantía extendida.There are different difficulties in the development and operation of insurance of Extended Warranty, the most important of which is that their behavior and the management of these business lines do not obey the parameters set for the operation of traditional business of the industry. This study aims to propose an operational model that can be applied in any insurance company with Extended Warranty business.Magíster en Ingeniería IndustrialMaestrí
Xiaolin Wang - One of the best experts on this subject based on the ideXlab platform.
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design and pricing of Extended Warranty menus based on the multinomial logit choice model
European Journal of Operational Research, 2020Co-Authors: Xiaolin Wang, Xiujie Zhao, Bin LiuAbstract:Abstract This paper studies the design and pricing of an Extended Warranty menu, which offers multiple options with differentiated lengths and prices. The power law process is used to model product failures and evaluate Warranty costs. The multinomial logit model is adopted to describe customer choice behaviors. From a warrantor’s perspective, the design and pricing problem is to determine which candidate options to offer and the associated prices so as to maximize the expected Warranty profit. We show that the optimal strategy is to offer all candidate options associated with a cost-plus-margin pricing policy, with the same profit margins for all options. If only a limited number of options can be offered, then the options with the highest valuation margins should be selected. In addition, we present three Extended models by incorporating heterogeneous Warranty breadths, free preventive maintenance programs, and customers with heterogeneous perceptions of product failure probability. Major findings in the Extended models include: (i) a free preventive maintenance program should be attached to a Warranty option only when it is feasible for that option; and (ii) when the customer population is heterogeneous, the equal-margin pricing policy is no longer optimal. Overall, this work will equip practitioners with a quantitative tool to design and price Extended Warranty menus in various practical scenarios.
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A two-stage preventive maintenance optimization model incorporating two-dimensional Extended Warranty
Reliability Engineering and System Safety, 2016Co-Authors: Chun Su, Xiaolin WangAbstract:In practice, customers can decide whether to buy an Extended Warranty or not, at the time of item sale or at the end of the basic Warranty. In this paper, by taking into account the moments of customers purchasing two-dimensional Extended Warranty, the optimization of imperfect preventive maintenance for repairable items is investigated from the manufacturer's perspective. A two-dimensional preventive maintenance strategy is proposed, under which the item is preventively maintained according to a specified age interval or usage interval, whichever occurs first. It is highlighted that when the Extended Warranty is purchased upon the expiration of the basic Warranty, the manufacturer faces a two-stage preventive maintenance optimization problem. Moreover, in the second stage, the possibility of reducing the servicing cost over the Extended Warranty period is explored by classifying customers on the basis of their usage rates and then providing them with customized preventive maintenance programs. Numerical examples show that offering customized preventive maintenance programs can reduce the manufacturer's Warranty cost, while a larger saving in Warranty cost comes from encouraging customers to buy the Extended Warranty at the time of item sale.
Mohsen Afsahi - One of the best experts on this subject based on the ideXlab platform.
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a hybrid approach for joint optimization of base and Extended Warranty decisions considering out of Warranty products
Applied Mathematical Modelling, 2021Co-Authors: Mohsen Afsahi, Ali Husseinzadeh Kashan, Bakhtiar OstadiAbstract:Abstract In practice, manufacturers who offer base and Extended Warranty should make simultaneous decisions on product pricing, spare part pricing for out-of-Warranty products, base and Extended Warranty policy, and spare part inventory management. Previous studies neither considered the influence of out-of-Warranty products as one of the main sources of manufacturers’ profit nor optimized these decisions in an integrated model. In this paper, these challenges are addressed by introducing an optimization model to maximize the manufacturer's profit. A new math-heuristic algorithm is proposed for solving the model using the hybridization of metaheuristic algorithms with a developed dynamic programming algorithm. To generate a new solution within the loop of the metaheuristic algorithm, the product price, spare part price and Warranty policy variables are first determined with the aid of the operators of league championship algorithm or improved particle swarm optimization algorithm. The maximum number of failures in each time interval is calculated accordingly, and finally, spare part inventory costs are optimized with the aid of the proposed dynamic programming algorithm. The model is verified by Monte-Carlo simulation and is solved with real data for LED TV product. A sensitivity analysis is conducted to evaluate the influence that various parameters may have on the optimal solution.
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a stochastic simulation optimization model for base Warranty and Extended Warranty decision making of under and out of Warranty products
Reliability Engineering & System Safety, 2020Co-Authors: Mohsen Afsahi, Mahmood ShafieeAbstract:Abstract In recent years, product warranties (including base-Warranty and Extended-Warranty) have become an integral part of marketing strategy for most manufacturers as well as and a key determinant of purchasing decision for most customers. It is crucial for manufacturers or dealers who offer Warranty to their customers to optimize decisions regarding price of products, durations of base-Warranty and Extended-Warranty, price of Extended-Warranty, etc. On the other side, manufacturers must decide on a cost-effective imperfect maintenance strategy and spare part inventory policy for their under-Warranty and out-of-Warranty products. In order to solve these decision-making problems, this study proposes a novel stochastic simulation-based optimization (SBO) model with the objective of maximizing the manufacturer's profit. A metaheuristic Monte-Carlo simulation algorithm integrated with a dynamic programming approach is also presented to solve the model. A case study of vacuum cleaners is provided to illustrate the developed model and its solution procedure, and the simulation results are verified with real data. Finally, a sensitivity analysis is performed in order to evaluate the impact of key parameters on the optimal solution. Our analysis shows how different planning horizons can affect Warranty-related decisions for both the manufacturers and customers, providing valuable insights to corporate decision-makers.
Chao Da Huang - One of the best experts on this subject based on the ideXlab platform.
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a customized two dimensional Extended Warranty with preventive maintenance
European Journal of Operational Research, 2017Co-Authors: Yeushiang Huang, Chao Da HuangAbstract:Abstract This study proposes a customized two-dimensional Extended Warranty policy, in which customers are classified into three categories with different operating conditions according to their maintenance records in the basic Warranty period, and then different preventive maintenance (PM) schedules are applied to customers in the different categories. This study investigates the effects that the classification of a customer and the time-usage ratio of the repairable deteriorating product have on breakdowns of such a product to effectively manage the total costs within the Extended Warranty period. Periodic and non-periodic preventive maintenance programs are both considered to meet different customer requirements to ensure that product reliability would not be gradually unacceptable. By adopting the proposed Extended Warranty approach, customers with high utilization rates could have satisfactory reliability on their products by performing more frequent PM activities, while those with low and average utilization rates could reduce the cost of PM within the Extended Warranty period, and also enjoy acceptable product availability. The results show that the classification of customers into different categories cannot only be beneficial by providing an effective mechanism to reduce the Warranty costs, but also be a valuable competitive marketing strategy for product providers.
Zixian Liu - One of the best experts on this subject based on the ideXlab platform.
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Optimal preventive maintenance strategy for repairable items under two-dimensional Warranty
Reliability Engineering and System Safety, 2015Co-Authors: Yukun Wang, Zixian Liu, Yiliu LiuAbstract:For repairable items under the two-dimensional Warranty, the manufacturer expenses Warranty costs for rectifying the failures occurring over the Warranty coverage. Preventive maintenance actions reduce the occurrence intensity of item failures, and hence the Warranty cost resulted from corrective maintenance, but bring additional preventive maintenance cost. In this paper, we investigate a periodic and imperfect preventive maintenance strategy for an item covered by a fixed and combined base Warranty and Extended Warranty region from the manufacturers perspective. After the base Warranty expires, the buyer purchases an Extended Warranty service contract from the same manufacturer for extra protection. Over the whole Warranty coverage, the item failures are minimally repaired by the manufacturer at no cost to the buyer. The effect of preventive maintenance action is characterized by reducing the items failure intensity proportionally to the maintenance degree at each preventive maintenance action. Then a mathematical model is proposed to derive the optimal preventive maintenance strategy so as to minimize the total expected Warranty servicing cost to the manufacturer. A numerical example is presented to illustrate the application of the proposed model and evaluate the impact of different model parameters on the optimal solutions and the corresponding Warranty servicing costs.
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designing and pricing of two dimensional Extended Warranty contracts based on usage rate
International Journal of Production Research, 2014Co-Authors: Peng Tong, Zixian Liu, Feng Men, Lisi CaoAbstract:For vehicles sold under a two-dimensional Warranty, which consists of two-dimensional region of age and usage, automobile manufacturers or third-party after-sales departments offer free Warranty service under the base Warranty. Consumers require a longer and better developed Warranty service because of the rapidly developing production technology and other reasons. In the topic of two-dimensional Warranty, previous research has Extended the coverage of the base Warranty, which satisfies consumers’ requirements but places significant pressure on automobile manufacturers. This study proposes a designing and pricing model of two-dimensional Extended Warranty contracts. The mathematical model is divided into two categories: the purchase of two-dimensional Extended Warranty service at the point of sale and the expiration of the base Warranty. Based on the maintenance strategy used during the Extended Warranty, we classify this study under the minimal repair and combined maintenance strategy models. With the us...
