Title: A framework for designing and implementing remanufacturing, volume flexibility, and two levels of trade credit financing operations in a reverse logistics inventory model

Authors: Nidhi Handa; S.R. Singh; Katariya Chandni

Addresses: Department of Mathematics and Statistics, KGC, Gurukul Kangri (Deemed to be University), Haridwar – 249408, Uttarakhand, India ' Department of Mathematics, Chaudhary Charan Singh University, Meerut – 250004, UP, India ' Department of Mathematics and Statistics, KGC, Gurukul Kangri (Deemed to be University), Haridwar – 249408, Uttarakhand, India

Abstract: Many industries, including inventory management, have benefited from recycling and remanufacturing because it supports both the environment and the economy. This study takes manufacturing/remanufacturing with multiple retailers into account to examine the effect of volume flexibility on a reverse logistics inventory model. A two-level trade credit facility is offered to increase customer attraction, product sales, and business growth. The objective of this study is to determine the optimal total cost under a forwards and backwards supply chain system. The optimisation problem is solved using an algorithm that generates the optimal solution for the optimal time and production rate, thereby reducing the overall integrated cost. The applicability of the proposed model is described using numerical examples and a graphic representation. Finally, a sensitivity analysis of the inventory model's various parameters has been carried out to extract some management-related knowledge by demonstrating the influence of each parameter on the optimal solution.

Keywords: supply chain management; volume flexibility; remanufacturing; inventory models; two-level trade credit; reverse logistics.

DOI: 10.1504/IJSPM.2023.136932

International Journal of Simulation and Process Modelling, 2023 Vol.20 No.3, pp.218 - 237

Received: 02 Jan 2023
Accepted: 19 Aug 2023
Published online: 29 Feb 2024 *

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