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Mitigating Warranty Risk for Automotive Industry

Aljazea, Ahmed and Luo, Ming and Wu, Shaomin (2018) Mitigating Warranty Risk for Automotive Industry. In: Scarf, Philip and Wu, Shaomin and Do, Phuc, eds. Proceedings of the 10th IMA International Conference on Modelling in Industrial Maintenance and Reliability. Institute of Mathematics and its Applications, UK, pp. 19-24. ISBN 978-0-905091-32-7. (doi:10.19124/ima.2018.001.04) (KAR id:67432)

Abstract

Warranty is offered by manufacturers as protection and promotional tools. It also gives customers a certain degree of insurance against product failures for a certain period. Although bringing those benefits, it involves various risks originating from various perspectives of the product lifetime cycle. To prepare risk mitigation plans is therefore needed, which is challenging due to the increasing complexity of the product designs and the long warranty period. Accordingly, the decision made to select the mitigation plan involves a high level of uncertainty. This paper develops a plan to mitigate warranty risk based on cumulative prospect theory, which helps warranty decision makers in selecting the optimal mitigation plan.

Item Type: Book section
DOI/Identification number: 10.19124/ima.2018.001.04
Subjects: H Social Sciences > HA Statistics > HA33 Management Science
Divisions: Divisions > Kent Business School - Division > Kent Business School (do not use)
Depositing User: Shaomin Wu
Date Deposited: 28 Jun 2018 09:18 UTC
Last Modified: 16 Feb 2021 13:55 UTC
Resource URI: https://kar.kent.ac.uk/id/eprint/67432 (The current URI for this page, for reference purposes)
Wu, Shaomin: https://orcid.org/0000-0001-9786-3213
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