A hybrid two-stock inventory control model for a reverse supply chain

A hybrid two-stock inventory control model for a reverse supply chain

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Article ID: iaor20141963
Volume: 67
Issue: 11
Start Page Number: 141
End Page Number: 161
Publication Date: Jul 2014
Journal: Transportation Research Part E
Authors: , , ,
Keywords: networks, health services, economics, social, geography & environment
Abstract:

This paper develops an inventory control model for a reverse supply chain with separate serviceable and remanufacturable inventory stock points. Return rate is expressed stochastically as a function of product demand. Variation in demand distribution during product life‐cycle is modeled using a new order‐up‐to replenishment policy incorporating five maximum inventory levels corresponding to five product life cycle stages. A near optimum solution to this problem is sought using a hybrid solution method integrating a discrete event simulation with a meta‐heuristic search method. Real data from an Australian case company is utilized to design test experiments for model validation and evaluation.

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