Life cycle inventory policy characterizations for a single-product recoverable system
AbstractThis paper investigates the optimal inventory policies over the life cycle of a remanufacturable product. The product is produced through manufacturing or remanufacturing. Benefiting from the long-run optimal policies found through Markov decision analysis, the optimal or near-optimal policy characterizations with practical structure are determined for every life cycle stage under several setup cost configurations. The effects of changes in the demand and return rates on the optimal inventory policies are investigated through these policies. Further, a performance comparison with a PULL strategy is provided. The performance of these long-run policies is evaluated as well in a finite-horizon setting, and the importance of frequent policy revision over the product life cycle is illustrated numerically.
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Bibliographic InfoArticle provided by Elsevier in its journal International Journal of Production Economics.
Volume (Year): 124 (2010)
Issue (Month): 1 (March)
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Web page: http://www.elsevier.com/locate/ijpe
Stochastic inventory control Policy characterization Recoverable system Remanufacturing Product life cycle Markov decision analysis;
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