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hello and welcome to why your warranty claims process needs serious intelligence we are Neel at technologies and wed like to talk to you about our site into for warranty analytics solution my name is Greg Baldini and presenting with me today is Susan Van Riper warranty claims have a large impact on any manufacturer or retail organization the impact can be felt in many ways but financial impact is certainly the easiest to quantify beyond the financial impacts though warranty claims can also affect legal risk customer satisfaction and in general the the entire Quality Assurance process ultimately warranty claims though come right out of the bottom line they come out of sales what our site into for warranty analytics solution allows you to do is it leverages a modern data architecture to provide timely advanced analytics when and where you need it we support deep analyses to understand things like root cause understanding early detection and understanding the impact and exposure of spec

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Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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What is an example of a product warranty?

There are many examples of warranties depending on the type of product a consumer is buying. Some examples may include replacing a product such as a mobile phone if it does not the way it is advertised. A consumer may also receive free repair services where a product has been damaged during use.

What is Weibull analysis warranty?

A company keeps track of its shipments and warranty returns on a month-by-month basis. Using the Warranty Analysis folio, determine the parameters for a 2-parameter Weibull distribution and predict the number of products from each of the three shipment periods that will be returned under warranty in October.

How do you record warranty in accounting?

Accrue the warranty expense with a debit to the warranty expense account and a credit to the warranty liability account. As actual warranty claims are received, debit the warranty liability account and credit the inventory account for the cost of the replacement parts and products sent to customers.

How do you check if an item has a warranty?

Here are three ways to find it: Check your manual or packaging. Check your product manual or original packaging, as warranties are usually included there. Search online. Use an internet search engine to look up the manufacturer and model number of your product. Contact us.

How is warranty determined?

A warranty is a guarantee issued by a seller to a buyer that a product will meet certain specifications. If the product does not meet those specifications, the buyer can ask the manufacturer or seller to correct the problem. Certain exceptions apply, and not every defect is covered.

What are the 3 types of warranties?

There are two types of warranties: express and implied. Under the implied category are three major subtypes: the implied warranty of merchantability (only given by merchants), the implied warranty of fitness for a particular purpose, and the implied warranty of title.

How to calculate warranty claim?

To estimate the warranty expense for a company, we need to know three main things: Number of units sold during a particular accounting period. Percentage of the sold products that will probably need a repair or a replacement based on previous experiences. Average cost of repairing or replacing products under warranty.

How do you determine the warranty of a product?

Defining Warranty A products warranty period can be established based on several factors, including: The industry standard for the product. What the competition is offering. The period of time during which some percentage of the products will still be functioning correctly.

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