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Life cycle inventory policy characterizations for a single-product recoverable system

  • Ahiska, S. Sebnem
  • King, Russell E.
Registered author(s):

    This 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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    File URL: http://www.sciencedirect.com/science/article/B6VF8-4XJP3X4-3/2/377a3dbeacf3cee568a2bbfbc7781467
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    Article provided by Elsevier in its journal International Journal of Production Economics.

    Volume (Year): 124 (2010)
    Issue (Month): 1 (March)
    Pages: 51-61

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    Handle: RePEc:eee:proeco:v:124:y:2010:i:1:p:51-61
    Contact details of provider: Web page: http://www.elsevier.com/locate/ijpe

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    1. Kiesmuller, Gudrun P. & Scherer, Carsten W., 2003. "Computational issues in a stochastic finite horizon one product recovery inventory model," European Journal of Operational Research, Elsevier, vol. 146(3), pages 553-579, May.
    2. Mahadevan, B. & Pyke, David F. & Fleischmann, Moritz, 2003. "Periodic review, push inventory policies for remanufacturing," European Journal of Operational Research, Elsevier, vol. 151(3), pages 536-551, December.
    3. van der Laan, Erwin & Salomon, Marc, 1997. "Production planning and inventory control with remanufacturing and disposal," European Journal of Operational Research, Elsevier, vol. 102(2), pages 264-278, October.
    4. van der Laan, Erwin & Dekker, Rommert & Salomon, Marc, 1996. "Product remanufacturing and disposal: A numerical comparison of alternative control strategies," International Journal of Production Economics, Elsevier, vol. 45(1-3), pages 489-498, August.
    5. van der Laan, Erwin A. & Teunter, Ruud H., 2006. "Simple heuristics for push and pull remanufacturing policies," European Journal of Operational Research, Elsevier, vol. 175(2), pages 1084-1102, December.
    6. Kiesmuller, G. P., 2003. "A new approach for controlling a hybrid stochastic manufacturing/remanufacturing system with inventories and different leadtimes," European Journal of Operational Research, Elsevier, vol. 147(1), pages 62-71, May.
    7. van der Laan, Erwin & Salomon, Marc & Dekker, Rommert, 1999. "An investigation of lead-time effects in manufacturing/remanufacturing systems under simple PUSH and PULL control strategies," European Journal of Operational Research, Elsevier, vol. 115(1), pages 195-214, May.
    8. Fleischmann, Moritz & Bloemhof-Ruwaard, Jacqueline M. & Dekker, Rommert & van der Laan, Erwin & van Nunen, Jo A. E. E. & Van Wassenhove, Luk N., 1997. "Quantitative models for reverse logistics: A review," European Journal of Operational Research, Elsevier, vol. 103(1), pages 1-17, November.
    9. Inderfurth, Karl & van der Laan, Erwin, 2001. "Leadtime effects and policy improvement for stochastic inventory control with remanufacturing," International Journal of Production Economics, Elsevier, vol. 71(1-3), pages 381-390, May.
    10. Erwin van der Laan & Marc Salomon & Rommert Dekker & Luk Van Wassenhove, 1999. "Inventory Control in Hybrid Systems with Remanufacturing," Management Science, INFORMS, vol. 45(5), pages 733-747, May.
    11. L. Beril Toktay & Lawrence M. Wein & Stefanos A. Zenios, 2000. "Inventory Management of Remanufacturable Products," Management Science, INFORMS, vol. 46(11), pages 1412-1426, November.
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