A maintenance-replacement optimization model under a renewable hybrid warranty

In this paper, firstly, a renewable hybrid warranty policy is proposed from the manufacturer's perspective. By integrating the replacement depending on number of failures and preventive maintenance at the expiration of the warranty, secondly, a maintenance-replacement policy is presented from the perspective of the customer. Thirdly, the consumer's expected cost rate model is obtained and the related special models are offered. Finally, a numerical example is used to illustrate performance of the proposed maintenance-replacement policy and to analyse sensitively. As showed in the example, performance of the proposed maintenance-replacement policy is more superior.