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Product Remanufacturing and Replacement Decisions Under Operations and Maintenance Cost Uncertainties

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  • Wenbo Shi
  • K. Jo Min

Abstract

In recent years, there has been substantial interest in remanufacturing because it conserves new natural resources and reduces wastes. In this article, we aim to contribute to a deeper understanding of this remanufacturing in the context of maintenance and replacement policies. Specifically, we assume that a product consists of durable and nondurable parts with uncertain, yet different, operations and maintenance (O&M) costs, and we aim to determine the optimal remanufacturing and replacement policies for the nondurable parts and the product. The evolution of the O&M costs is assumed to follow a geometric Brownian motion process, and the corresponding modeling and analysis use a real options approach. Managerial insights and economic implications are obtained via mathematical and numerical analyses.

Suggested Citation

  • Wenbo Shi & K. Jo Min, 2014. "Product Remanufacturing and Replacement Decisions Under Operations and Maintenance Cost Uncertainties," The Engineering Economist, Taylor & Francis Journals, vol. 59(2), pages 154-174, April.
    • Handle: RePEc:taf:uteexx:v:59:y:2014:i:2:p:154-174
    DOI: 10.1080/0013791X.2014.884662
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    Cited by:

    1. Bensmain, Yassir & Dahane, Mohammed & Bennekrouf, Mohammed & Sari, Zaki, 2019. "Preventive remanufacturing planning of production equipment under operational and imperfect maintenance constraints: A hybrid genetic algorithm based approach," Reliability Engineering and System Safety, Elsevier, vol. 185(C), pages 546-566.

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