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Strategic design for inventory and production planning in closed-loop hybrid systems

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journal contribution
posted on 08.11.2016 by Navin K. Dev, Ravi Shankar, Alok Choudhary
This research studies inventory and production planning in a closed-loop system while considering both manufacturing and remanufacturing. We studied five inventory and production planning models under the continuous and periodic review systems using a discrete event simulation. Under the above review policies, different demand and return rates, as well as manufacturing and remanufacturing lead times, are considered. The total recoverable and serviceable inventory costs and production order variance are considered as the main performance indicators. From the total inventory cost viewpoint, our findings reveal the trade-off between stochastic demand, stochastic lead times, and review periods. It was found that the periodic review system outperforms the continuous review system for higher values of the review period and return to demand rate ratio. Furthermore, remanufacturing demonstrates an appreciable contribution to low order variance in periodic review systems for high values of return to demand ratio and lead times.

History

School

  • Business and Economics

Department

  • Business

Published in

International Journal of Production Economics

Citation

DEV, N.K., SHANKAR, R. and CHOUDHARY, A.K., 2016. Strategic design for inventory and production planning in closed-loop hybrid systems. International Journal of Production Economics, 183, Part B, pp.345-353.

Publisher

© Elsevier

Version

AM (Accepted Manuscript)

Publisher statement

This work is made available according to the conditions of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) licence. Full details of this licence are available at: https://creativecommons.org/licenses/by-nc-nd/4.0/

Acceptance date

01/06/2016

Publication date

2016

Notes

This paper was accepted for publication in the journal International Journal of Production Economics and the definitive published version is available at http://dx.doi.org/10.1016/j.ijpe.2016.06.017

ISSN

0925-5273

Language

en

Exports