Complete search procedure for replenishment and collection policies in a product life cycle for a retailer

Tzu-Chun Weng

International Journal of Mathematics in Operational Research, 2016, vol. 8, issue 3, 293-311

Abstract: In this paper, assuming the retailer is responsible for used-product collection, we investigate replenishment and collection policies by considering a general, time-varying, continuous, and deterministic demand function for a product life cycle. The objection is to optimally determine the number of inventory replenishments, the inventory replenishment time points, and the return rates of used-product in the product life cycle by minimising the total relevant cost of the inventory replenishment and used-product collection system. A complete search procedure is developed to find the optimal solution by employing the properties derived in this paper and the well-known Nelder-Mead algorithm. Also, numerical examples are carried out to illustrate the features of the proposed problem discussed in this paper.

Keywords: replenishment policies; used-product collection; product life cycle; collection policies; retail industry; retailing; inventory replenishments; used products; inventory management. (search for similar items in EconPapers)
Date: 2016
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