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Joint Optimization of Asset and Inventory Management in a Product–Service System

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  • Xiang Wu
  • Sarah M. Ryan

Abstract

We propose an integrated model of the asset management decisions for a fleet of identical product units and the inventory management decisions for a closed-loop supply chain in the context of a product–service system, in which the two types of decisions are closely coupled. A joint optimization technique is developed to obtain the parameters of the operational policy for the integrated model that minimize the long run average cost rate. A numerical example is provided to illustrate the computational procedures. In addition, the effect of a simplifying assumption that the replaced products have no quality difference is evaluated and the results suggest that as long as the quality difference between the preventively replaced products and failure replaced products is not too big, the simplification to treat them as one category is reasonable.

Suggested Citation

  • Xiang Wu & Sarah M. Ryan, 2014. "Joint Optimization of Asset and Inventory Management in a Product–Service System," The Engineering Economist, Taylor & Francis Journals, vol. 59(2), pages 91-115, April.
    • Handle: RePEc:taf:uteexx:v:59:y:2014:i:2:p:91-115
    DOI: 10.1080/0013791X.2013.873844
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    Cited by:

    1. Akshay Mutha & Saurabh Bansal & V. Daniel R. Guide, 2021. "Managing the Inter‐Functional Tension between Accounting‐ and Financial‐Profits in Remanufacturing Multiple‐Usecycle Products," Production and Operations Management, Production and Operations Management Society, vol. 30(9), pages 2993-3014, September.
    2. Luttiely Santos Oliveira & Ricardo Luiz Machado, 2021. "Application of optimization methods in the closed-loop supply chain: a literature review," Journal of Combinatorial Optimization, Springer, vol. 41(2), pages 357-400, February.
    3. Ramin Moghaddass & Şeyda Ertekin, 2018. "Joint optimization of ordering and maintenance with condition monitoring data," Annals of Operations Research, Springer, vol. 263(1), pages 271-310, April.

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