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7 November 2005 Optimal production policy for a remanufacturing system with virtual inventory cost
Kenichi Nakashima, Surendra M. Gupta
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Proceedings Volume 5997, Environmentally Conscious Manufacturing V; 59970H (2005) https://doi.org/10.1117/12.630803
Event: Optics East 2005, 2005, Boston, MA, United States
Abstract
This paper deals with a cost management problem of a remanufacturing system with stochastic demand. We model the system with consideration for two types of inventories. One is the actual product inventory in the factory. The other is the virtual inventory that is being used by the customer. For this virtual inventory, it should be required to consider an operational cost that we need in order to observe and check the quantity of the inventory. We call this the virtual inventory cost and model the system by including it. We define the state of the remanufacturing system by the two inventory levels. It is assumed that the cost function is composed of various cost factors such as holding, backlog and manufacturing costs. We obtain the optimal policy that minimizes the expected average cost per period. Numerical results reveal the effects of the factors on the optimal policy.
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Kenichi Nakashima and Surendra M. Gupta "Optimal production policy for a remanufacturing system with virtual inventory cost", Proc. SPIE 5997, Environmentally Conscious Manufacturing V, 59970H (7 November 2005); https://doi.org/10.1117/12.630803
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KEYWORDS
Manufacturing
Stochastic processes
Systems modeling
Control systems
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