Serving to unify the existing literature on extended warranties, maintenance service contracts and lease contracts, this book also presents a unique perspective on the topic focussed on cost analysis and decision-making from the perspectives of the parties involved.
Using a game theoretic approach together with mathematical modelling, results are presented in an integrated manner with key topics that require further research highlighted in order to serve as a starting point for researchers (engineers and statisticians) who are interested in doing further work in these areas.
Designed to assist practitioners (managers, engineers, applied statisticians) who are involved with extended warranties, maintenance service contracts and lease contracts, the book provides them with the models and techniques needed for proper cost analysis and effective decision-making,
The book is also suitable for use as a reference text in industrial engineering, applied statistics, operations research and management.
Pra Murthy obtained B.E. (Electrical Engineering) and M.E. (Applied Electronics) degrees from Jabalpur University and the Indian Institute of Science in India, and M.S. and Ph.D. (Applied Mathematics) degrees from Harvard University.
He is Emeritus Professor in the Division of Mechanical Engineering at the University of Queensland, Australia and has held visiting academic appointments at, various universities in Asia, Europe and the USA.
Pra Murthy has authored/co-authored 175 papers in internationally refereed journals and has presented over 150 papers at various conferences around the world. As author/co-author, he has written several chapters and books in the field of warranty, reliability and maintenance in addition to running short courses on the subject around the world.
Nat Jack obtained a first class honours BSc degree in Applied Mathematics (Edinburgh) and holds an MSc in Stochastic Modelling (Strathclyde) and a PhD in Stochastic Maintenance Modelling (CNAA).
He is a former Lecturer in Statistics and Operational Research at the University of Abertay Dundee, with the current focus of his research involving finding optimal strategies for buyers and sellers of products sold with base warranties, buyers and sellers of extended warranties, and equipment owners and service agents in maintenance outsourcing markets.
Nat Jack is the author/co-author of 26 papers in internationally refereed journals and 7 papers in refereed conference proceedings. He has co-authored 5 book chapters with Pra Murthy which deal with warranty and maintenance, warranty servicing and maintenance outsourcing. He has presented many papers at national and international conferences has delivered seminars at universities in the US, Canada, the Netherlands, Sweden and the UK. He acts as a referee for a number of leading journals in Reliability and Operational Research.
1.Introduction.- 2.Product Reliability and Maintenance.- 3.Introduction to Game and Agency Theories.- 4.EW/MSC An Overview.- 5.EW/MSC Process.- 6.Cost Analysis of EW/MSC.- 7.Models for EW/MSC Decision-making.- 8.Lease Contracts.- 9.Models for Lease Decision-making.- 10.Management of EW/MSC and Lease Processes.- 11.Risk Management.