A Sustainable Economic Recycle Quantity Model for Imperfect Production System with Shortages
| Autor: | Ali AlArjani, Hari M. Srivastava, Shib Sankar Sana, Abu Hashan Md Mashud, Hui-Ming Wee, Md. Maniruzzaman Miah, Md. Sharif Uddin |
|---|---|
| Rok vydání: | 2021 |
| Předmět: |
0209 industrial biotechnology
Computer science Process (engineering) Total cost lcsh:Risk in industry. Risk management 02 engineering and technology 020901 industrial engineering & automation Sustainable business lcsh:Finance lcsh:HG1-9999 ddc:330 0202 electrical engineering electronic engineering information engineering Production (economics) Sensitivity (control systems) Scope (project management) imperfect production economic recycle quantity (ERQ) Environmental economics lcsh:HD61 inventory sustainable recycling Piecewise 020201 artificial intelligence & image processing Economic order quantity shortages |
| Zdroj: | Journal of Risk and Financial Management, Vol 14, Iss 173, p 173 (2021) Journal of Risk and Financial Management Volume 14 Issue 4 |
| ISSN: | 1911-8074 |
| DOI: | 10.3390/jrfm14040173 |
| Popis: | Recycling of products has a great impact on contemporary sustainable business strategies. In this study, a sustainable recycling process in a production-inventory model for an imperfect production system with a fixed ratio of recyclable defective products is introduced. The piecewise constant demand rates of the non-defective items are considered under production run-time, production off-time with positive stock, and production off-time with shortages under varying conditions. Based on the production process, two cases are studied using this model. The first case does not consider recycling processes, while the second case picks up all defective items before sending these items to recycling during the production off-time the recycled items are added to the main inventory. The aim of this study is to minimize the total cost and identify the optimal order quantity. The manufacturing process with the recycling process provides a better result compared to without recycling in the first case. Some theoretical derivations are developed to enunciate the objective function using the classical optimization technique. To validate the proposed study, sensitivity analysis is performed, and numerical examples are given. Finally, some managerial insights and the scope of future research are provided. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
|