| Title | Optimal circular economy index policy in a production system with carbon emissions |
|---|---|
| ID_Doc | 4121 |
| Authors | Khan, MAA; Cárdenas-Barrón, LE; Treviño-Garza, G; Céspedes-Mota, A |
| Title | Optimal circular economy index policy in a production system with carbon emissions |
| Year | 2023 |
| Published | |
| Abstract | To proper use of the limited natural resources, circular economy is an efficacious and alternative approach to many production systems aimed at protecting the natural environment. This work proposes a profit maximizing production system where all the products are produced with a variable circularity level. As the consumers are increasingly social responsible about their consumption practices at present, both the clients' demand and per unit gross profit are directly influenced by the products' circularity level and these consequences are investigated by several linear and nonlinear forms. Moreover, the manufacturer's several activities in the production system like setup operations, warehouse operations and production mechanism are sources of carbon emissions. The utmost aim of this work is to achieve the manufacturer's joint optimal circularity and production levels with the ambition of environment protection by reducing carbon emissions with the help of proper operational amend-ments. The global maximum profit for the production manager is determined by exploiting the optimal policies analytically. Nine examples are solved not only to explore the applicability of the derived analytical results but also to investigate how the optimal policies under all considered cases help the manufacturer to increase profit and reduce the carbon emissions significantly. Finally, an analysis is conducted to provide guidelines for the industry manager examining the parameters' behavioral patterns on the optimal strategies by altering values of the system parameters. This study helps electrical equipment manufacturers especially (for example, mobile manufacturers) to obtain the optimum circular index for the produced items so that they can earn maximum profits and also protect the environment. |
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