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Keywords = economic recycle quantity (ERQ)

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21 pages, 3017 KiB  
Article
A Novel Model for Economic Recycle Quantity with Two-Level Piecewise Constant Demand and Shortages
by El-Awady Attia, Md Maniruzzaman Miah, Abu Sayeed Arif, Ali AlArjani, Mahmud Hasan and Md Sharif Uddin
Computation 2024, 12(1), 13; https://doi.org/10.3390/computation12010013 - 11 Jan 2024
Cited by 1 | Viewed by 2071
Abstract
This paper focuses on the production systems that may produce a proportion of recyclable defective products. The developed model is called an Economic Recycle Quantity (ERQ) model with the assumption of a full recovery of defective items. The defective parts are collected during [...] Read more.
This paper focuses on the production systems that may produce a proportion of recyclable defective products. The developed model is called an Economic Recycle Quantity (ERQ) model with the assumption of a full recovery of defective items. The defective parts are collected during the production-off time and can be used during the next production cycle of the same category. The demand rate of the non-defective items is a two-level piecewise factor—one during the production-run time and another during the production-off time. The developed model aims to optimize the total inventory cost, the order quantity, and the amount of recyclable defective items that represent the ERQ. The mathematical formulations of the model are deduced theoretically. The model was solved analytically, and the optimal results are illustrated. Sensitivity analysis is carried out to investigate the effect of varying system parameters and validate the proposed model. Results of the sensitivity analysis show that the consideration of defective part recycling reduces the total inventory cost where the raw material is reduced. The cost reduction is about 1%; of course, the environmental impact is more appreciated. Furthermore, the managerial implications are described, and the future perspectives are discussed. Full article
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21 pages, 2351 KiB  
Article
A Sustainable Economic Recycle Quantity Model for Imperfect Production System with Shortages
by Ali AlArjani, Md. Maniruzzaman Miah, Md. Sharif Uddin, Abu Hashan Md. Mashud, Hui-Ming Wee, Shib Sankar Sana and Hari Mohan Srivastava
J. Risk Financial Manag. 2021, 14(4), 173; https://doi.org/10.3390/jrfm14040173 - 10 Apr 2021
Cited by 18 | Viewed by 3590
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 [...] Read more.
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. Full article
(This article belongs to the Special Issue Sustainable Mathematical Modelling in Business Analysis)
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