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Stochastic Decision Model of the Remanufactured Product with Warranty

Due to an increase of the used product disposal, the end of life (EOL) management has drawn significant attention by manufacturers. One of the critical concerns is the reliability and quality of the remanufactured product. In order to increase consumer satisfaction, the warranty services management has to provide sort of quality assurance for its product post-use life. However, higher warranty price tags may often reduce consumers' purchasing power and, therefore manufacturers need to determine the appropriate price tags for their manufactured products in order to gain significant market competitiveness. This article presents the mathematical models to examine two types of the proposed extended warranty policies for manufacturers to make the comparisons of their possible gained profit of remanufactured products by manufacturers. The optimization models were numerically solved by sequential quadratic programming. An outcome of the numerical example showed that manufacturer's warranty type-I policy with time factor was generally more desirable than warranty type-II policy with failure counts for implementation.