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Reliability growth testing becomes difficult to implement as the product development cycle continues to shrink. As a result, the new design is prone to latent failures due to design immaturity and uncertain operating condition. Reliability growth planning emerged as a new methodology to drive the reliability across the product lifetime. We propose a multiphase reliability growth model that sequentially determines and implements corrective actions (CAs) against surfaced and latent failure modes. Such a holistic approach enables the manufacturer to attain the reliability goal while ensuring the product time to market. We devise a CA effectiveness function to assess the tradeoff between the failure removal rate and the required resources. Rosen's gradient projection algorithm is used to determine the optimal resource allocation in each phase. The applicability and performance of the reliability growth model are demonstrated on a fleet of semiconductor testing equipment.