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An Application of Time-Dependent Holding Costs and System Reliability in a Multi-Item Sustainable Economic Energy Efficient Reliable Manufacturing System

Title
An Application of Time-Dependent Holding Costs and System Reliability in a Multi-Item Sustainable Economic Energy Efficient Reliable Manufacturing System
Author
Sarkar, Biswajit
Keywords
energy; sustainable manufacturing system; multi-item production; variable holding cost; inflation; control theory
Issue Date
2019-08
Publisher
MDPI
Citation
ENERGIES, v. 12, No. 15, Article no. 2857
Abstract
Sustainable efficient energy is the key factor of any sustainable manufacturing system. This study addresses a multi-item sustainable economic energy efficient reliable manufacturing quantity (MSEEERMQ) model. The manufacturing system produces defective products during long-runs, where those products may be reworked under the optimum effect of energy and carbon footprint with some costs. As all products are not sold immediately, the holding cost increases based on time. The management decides the system design variable to reduce energy consumption cost and increase system reliability under some time-dependent holding costs, and the optimum energy such that the maximum profit of the production model is obtained with a system reliability as a decision variable. The inflation and time-value of money are considered to calculate the cost of the production model under efficient energy. Using control theory, an Euler-Lagrange method is employed to obtain the sustainable critical path, which gives the optimal solution of the model. There are two lemmas to prove the global optimal solution of the model through the control theory. There is an illustrative example to test the model. Under different conditions there are other two examples with graphical representation and sensitivity analysis. Numerical studies reveal that maximum profit is obtained at the optimal value of the decision variable.
URI
https://www.mdpi.com/1996-1073/12/15/2857https://repository.hanyang.ac.kr/handle/20.500.11754/117858
ISSN
1996-1073
DOI
10.3390/en12152857
Appears in Collections:
COLLEGE OF ENGINEERING SCIENCES[E](공학대학) > INDUSTRIAL AND MANAGEMENT ENGINEERING(산업경영공학과) > Articles
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