A Bayesian Approach to Optimal Warranty Length for an Exponential Life Time Distributed Product with Multiply Type-II Censoring Scheme
In this paper we use a Bayesian approach to determine the optimal warranty lengths. The optimal warranty is that which maximize the expected utility of the product. The exponential distribution is employed to describe the product life time under multiply type-II censoring scheme. We have considered a combination of free replacement policy and pro-rata policy for warranty. A numerical data is used to exemplify the theory.A sensitivity study is carried out to check the effect of hyper parameters on the optimal warranty length and the optimal value of expected utility.
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