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Article

A Sustainable Economic Recycle Quantity Model for Imperfect Production System with Shortages

by
Ali AlArjani
1,
Md. Maniruzzaman Miah
2,
Md. Sharif Uddin
1,
Abu Hashan Md. Mashud
3,
Hui-Ming Wee
4,
Shib Sankar Sana
5 and
Hari Mohan Srivastava
6,7,8,9,*
1
Department of Mechanical and Industrial Engineering, Prince Sattam Bin Abdulaziz University, Al-Kharj 16278, Saudi Arabia
2
Department of Mathematics, Jahangirnagar University, Saver, Dhaka 1342, Bangladesh
3
Department of Mathematics, Hajee Mohammad Danesh Science and Technology University, Dinajpur 5200, Bangladesh
4
Industrial and Systems Engineering Department, Chung Yuan Christian University, No. 200, Chung Pei Road, Chungli, Taoyuan City 32023, Taiwan
5
Kishore Bharati Bhagini Nivedita College, Ramkrishna Sarani, Behala, Kolkata 700060, India
6
Department of Mathematics and Statistics, University of Victoria, Victoria, BC V8W 3R4, Canada
7
Department of Medical Research, China Medical University Hospital, China Medical University, Taichung 40402, Taiwan
8
Department of Mathematics and Informatics, Azerbaijan University, 71 Jeyhun Hajibeyli Street, AZ1007 Baku, Azerbaijan
9
Section of Mathematics, International Telematic University Uninettuno, I-00186 Rome, Italy
*
Author to whom correspondence should be addressed.
J. Risk Financ. Manag. 2021, 14(4), 173; https://doi.org/10.3390/jrfm14040173
Submission received: 6 March 2021 / Revised: 4 April 2021 / Accepted: 6 April 2021 / Published: 10 April 2021
(This article belongs to the Special Issue Sustainable Mathematical Modelling in Business Analysis)
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Abstract

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.
Keywords: economic recycle quantity (ERQ); imperfect production; inventory; sustainable recycling; shortages economic recycle quantity (ERQ); imperfect production; inventory; sustainable recycling; shortages

Share and Cite

MDPI and ACS Style

AlArjani, A.; Miah, M.M.; Uddin, M.S.; Mashud, A.H.M.; Wee, H.-M.; Sana, S.S.; Srivastava, H.M. A Sustainable Economic Recycle Quantity Model for Imperfect Production System with Shortages. J. Risk Financ. Manag. 2021, 14, 173. https://doi.org/10.3390/jrfm14040173

AMA Style

AlArjani A, Miah MM, Uddin MS, Mashud AHM, Wee H-M, Sana SS, Srivastava HM. A Sustainable Economic Recycle Quantity Model for Imperfect Production System with Shortages. Journal of Risk and Financial Management. 2021; 14(4):173. https://doi.org/10.3390/jrfm14040173

Chicago/Turabian Style

AlArjani, Ali, Md. Maniruzzaman Miah, Md. Sharif Uddin, Abu Hashan Md. Mashud, Hui-Ming Wee, Shib Sankar Sana, and Hari Mohan Srivastava. 2021. "A Sustainable Economic Recycle Quantity Model for Imperfect Production System with Shortages" Journal of Risk and Financial Management 14, no. 4: 173. https://doi.org/10.3390/jrfm14040173

APA Style

AlArjani, A., Miah, M. M., Uddin, M. S., Mashud, A. H. M., Wee, H.-M., Sana, S. S., & Srivastava, H. M. (2021). A Sustainable Economic Recycle Quantity Model for Imperfect Production System with Shortages. Journal of Risk and Financial Management, 14(4), 173. https://doi.org/10.3390/jrfm14040173

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