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PROFIT ESTIMATION FOR A PRODUCT UNDER WARRANTY: AN EVALUATION BASED ON CUSTOMER'S EXPECTATION AND SATISFACTION.

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Title: PROFIT ESTIMATION FOR A PRODUCT UNDER WARRANTY: AN EVALUATION BASED ON CUSTOMER'S EXPECTATION AND SATISFACTION.
Authors: KAPUR, P. K.1, ANAND, ADARSH2, SACHDEVA, NITIN2
Source: International Journal of Reliability, Quality & Safety Engineering. Dec2014, Vol. 21 Issue 6, p-1. 16p.
Subjects: Profit, Customer satisfaction, Economic expectations, Warranty, Industrial costs, Overhead costs
Abstract: Performance of a product not as expected by the customer brings warranty expenditure into the picture. In other words, the deviation of the product performance (PP) from the customer expectation (CE) is the reason for customer complaints and warranty expenses. When this conflicting scenario occurs in market, warranty comes into existence and fulfilling warranty claims of customers adds to product's overall cost. In this paper, based on the difference between PP and CE about the product we estimate profit for the firm. Furthermore, factors like fixed cost, production cost and inventory cost have also been considered in framing the optimization problem. In the proposed model, a two-dimensional innovation diffusion model (TD-IDM) which combines the adoption time of technological diffusion and price of the product has been used. Classical Cobb-Douglas function that takes into account the technological adoptions and other dimensions explicitly has been used to structure the production function. The proposed model has been validated on real life data set. [ABSTRACT FROM AUTHOR]
Copyright of International Journal of Reliability, Quality & Safety Engineering is the property of World Scientific Publishing Company and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Database: Engineering Source
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  Data: PROFIT ESTIMATION FOR A PRODUCT UNDER WARRANTY: AN EVALUATION BASED ON CUSTOMER'S EXPECTATION AND SATISFACTION.
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  Data: <searchLink fieldCode="JN" term="%22International+Journal+of+Reliability%2C+Quality+%26+Safety+Engineering%22">International Journal of Reliability, Quality & Safety Engineering</searchLink>. Dec2014, Vol. 21 Issue 6, p-1. 16p.
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  Data: <searchLink fieldCode="DE" term="%22Profit%22">Profit</searchLink><br /><searchLink fieldCode="DE" term="%22Customer+satisfaction%22">Customer satisfaction</searchLink><br /><searchLink fieldCode="DE" term="%22Economic+expectations%22">Economic expectations</searchLink><br /><searchLink fieldCode="DE" term="%22Warranty%22">Warranty</searchLink><br /><searchLink fieldCode="DE" term="%22Industrial+costs%22">Industrial costs</searchLink><br /><searchLink fieldCode="DE" term="%22Overhead+costs%22">Overhead costs</searchLink>
– Name: Abstract
  Label: Abstract
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  Data: Performance of a product not as expected by the customer brings warranty expenditure into the picture. In other words, the deviation of the product performance (PP) from the customer expectation (CE) is the reason for customer complaints and warranty expenses. When this conflicting scenario occurs in market, warranty comes into existence and fulfilling warranty claims of customers adds to product's overall cost. In this paper, based on the difference between PP and CE about the product we estimate profit for the firm. Furthermore, factors like fixed cost, production cost and inventory cost have also been considered in framing the optimization problem. In the proposed model, a two-dimensional innovation diffusion model (TD-IDM) which combines the adoption time of technological diffusion and price of the product has been used. Classical Cobb-Douglas function that takes into account the technological adoptions and other dimensions explicitly has been used to structure the production function. The proposed model has been validated on real life data set. [ABSTRACT FROM AUTHOR]
– Name: AbstractSuppliedCopyright
  Label:
  Group: Ab
  Data: <i>Copyright of International Journal of Reliability, Quality & Safety Engineering is the property of World Scientific Publishing Company and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.</i> (Copyright applies to all Abstracts.)
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        Value: 10.1142/S0218539314500296
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      – Code: eng
        Text: English
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        PageCount: 16
        StartPage: -1
    Subjects:
      – SubjectFull: Profit
        Type: general
      – SubjectFull: Customer satisfaction
        Type: general
      – SubjectFull: Economic expectations
        Type: general
      – SubjectFull: Warranty
        Type: general
      – SubjectFull: Industrial costs
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      – SubjectFull: Overhead costs
        Type: general
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      – TitleFull: PROFIT ESTIMATION FOR A PRODUCT UNDER WARRANTY: AN EVALUATION BASED ON CUSTOMER'S EXPECTATION AND SATISFACTION.
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            – D: 01
              M: 12
              Text: Dec2014
              Type: published
              Y: 2014
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            – TitleFull: International Journal of Reliability, Quality & Safety Engineering
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