OPTIMIZING THE WARRANTY PERIOD BY CUCKOO META-HEURISTIC ALGORITHM IN HETEROGENEOUS CUSTOMERS' POPULATION (TECHNICAL ARTICLE)

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ROOZITALAB ALI; ASGHARIZADEH EZZATOLLAH

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Journal Paper

Paper Information

Journal: JOURNAL OF INDUSTRIAL ENGINEERING INTERNATIONAL Year:2013 | Volume:9 | Issue:9 Page(s): 1-6

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Title

OPTIMIZING THE WARRANTY PERIOD BY CUCKOO META-HEURISTIC ALGORITHM IN HETEROGENEOUS CUSTOMERS' POPULATION (TECHNICAL ARTICLE)

Author(s)

ROOZITALAB ALI | ASGHARIZADEH EZZATOLLAH | Issue Writer Certificate

Keywords

FREE REPLACEMENT WARRANTY POLICY

CUCKOO OPTIMIZATION

HETEROGENEOUS POPULATION

WARRANTY PERIOD

Abstract

Warranty is now an integral part of each product. Since its length is directly related to the cost of production, it should be set in such a way that it would maximize revenue generation and customers' satisfaction. Furthermore, based on the behavior of customers, it is assumed that increasing the WARRANTY PERIOD to earn the trust of more customers leads to more sales until the market is saturated. We should bear in mind that different groups of consumers have different consumption behaviors and that performance of the product has a direct impact on the failure rate over the life of the product. Therefore, the optimum duration for every group is different. In fact, we cannot present different WARRANTY PERIODs for various customer groups. In conclusion, using cuckoo meta-heuristic optimization algorithm, we try to find a common period for the entire population. Results with high convergence offer a term length that will maximize the aforementioned goals simultaneously. The study was tested using real data from Appliance Company. The results indicate a significant increase in sales when the optimization approach was applied, it provides a longer warranty through increased revenue from selling, not only reducing profit margins but also increasing it.

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APA: Copy

ROOZITALAB, ALI, & ASGHARIZADEH, EZZATOLLAH. (2013). OPTIMIZING THE WARRANTY PERIOD BY CUCKOO META-HEURISTIC ALGORITHM IN HETEROGENEOUS CUSTOMERS' POPULATION (TECHNICAL ARTICLE). JOURNAL OF INDUSTRIAL ENGINEERING INTERNATIONAL, 9(9), 1-6. SID. https://sid.ir/paper/309936/en

Vancouver: Copy

ROOZITALAB ALI, ASGHARIZADEH EZZATOLLAH. OPTIMIZING THE WARRANTY PERIOD BY CUCKOO META-HEURISTIC ALGORITHM IN HETEROGENEOUS CUSTOMERS' POPULATION (TECHNICAL ARTICLE). JOURNAL OF INDUSTRIAL ENGINEERING INTERNATIONAL[Internet]. 2013;9(9):1-6. Available from: https://sid.ir/paper/309936/en

IEEE: Copy

ALI ROOZITALAB, and EZZATOLLAH ASGHARIZADEH, “OPTIMIZING THE WARRANTY PERIOD BY CUCKOO META-HEURISTIC ALGORITHM IN HETEROGENEOUS CUSTOMERS' POPULATION (TECHNICAL ARTICLE),” JOURNAL OF INDUSTRIAL ENGINEERING INTERNATIONAL, vol. 9, no. 9, pp. 1–6, 2013, [Online]. Available: https://sid.ir/paper/309936/en

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