Abstract
Deciding when to release a new product requires a tradeoff between costs, potential profits and the underlying reliability of a product. Many new products go through a “Test Analyze and Fix” process. When a failure occurs, an immediate design “fix” may occur or the product might undergo a minimal fix with design changes being delayed until later when many changes can be introduced at the same time. We introduce a Bayesian model that allows for the introduction of managerial knowledge and experience. Unlike most approaches, we do not build in an assumption that the product always improves throughout the process.
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This work was accomplished with the assistance of T. Chu and forms part of his thesis.
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Wilson, J.G. (2020). Bayesian Modelling for Product Testing and Release. In: Lalic, B., Majstorovic, V., Marjanovic, U., von Cieminski, G., Romero, D. (eds) Advances in Production Management Systems. The Path to Digital Transformation and Innovation of Production Management Systems. APMS 2020. IFIP Advances in Information and Communication Technology, vol 591. Springer, Cham. https://doi.org/10.1007/978-3-030-57993-7_8
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DOI: https://doi.org/10.1007/978-3-030-57993-7_8
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