Smart Economic Production Quantity Model with Circularity Index, Shortages, and Waste Management by 3D Printing

Document Type : Research Paper

Authors

1 Department of Mathematics, Maharaj Singh College, Saharanpur, UP (India) (Affiliated to MSU, Saharanpur)

2 Department of Mathematics, Deva Nagri College, Meerut, UP(India) (Affiliated to CCSU, Meerut)

3 Department of Mathematics Vardhaman College Bijnor (U.P.) India

Abstract

In modern business, industries like electronics, aircraft, automobiles, etc., keep products in circulation through processes like reuse, remanufacture, and recycling to produce the original products while keeping environmental sustainability at the centre. Therefore, circularity index directly affects the demand and selling price of the products. Further, these industries are also applying 3D printing techniques to reduce the level of waste from the process as much as possible. 3D printing continues to evolve, it promises to reshape manufacturing, healthcare, and various other sectors, unlocking new possibilities for innovation and customization. So, to address all these issues, a smart production inventory model is proposed in the current study considering shortages, 3D printing technique, production rate depended wastage, green investment technology, and a circularity index. Demand rate of product is considered as the function of the circularity index. Objective of current study is to obtain the optimal values of production rate, production period, and cycle time so that overall inventory cost is minimum. In current study, calculus-based optimization technique has been used to obtain the optimal solution.  Finally, numerical analysis is provided to validate the proposed inventory model. The results show that circularity and 3D printing technique help to reduce waste from the system. In addition to this, emitted carbon level from the system is dropped from the production system. Managerial insights based on key parameters is also provided. At the end, future extension of the current model along with concluding remarks is incorporated.

Keywords

References

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International Journal of Supply and Operations Management
Volume 11, Issue 3
August 2024
Pages 284-299

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