| Title |
An Optimal Sustainable Production Policy for Imperfect Production System with Stochastic Demand, Price, and Machine Failure with FRW Policy Under Carbon Emission |
| ID_Doc |
74029 |
| Authors |
Khedlekar, UK; Kumar, L; Sharma, K; Dwivedi, V |
| Title |
An Optimal Sustainable Production Policy for Imperfect Production System with Stochastic Demand, Price, and Machine Failure with FRW Policy Under Carbon Emission |
| Year |
2024 |
| Published |
Process Integration And Optimization For Sustainability, 8, 3 |
| DOI |
10.1007/s41660-024-00403-9 |
| Abstract |
The study aims to develop a sustainable production strategy that effectively addresses the challenges of reducing machine inefficiencies, minimizing environmental impact, and managing unpredictable machine breakdowns in production systems. Demand and price uncertainty have been categorized into two groups: those influenced by mathematical behaviour and shaped by market dynamics. In this model, we utilize a flexible and designed to maximize profits while managing constantly changing price and demand uncertainties. The versatility of the framework across industries that emit greenhouse gases has been demonstrated through robust mathematical analysis and simulations. Optimal strategies that balance economic gains with environmental responsibility have been provided. This research offers practical implications and managerial insights for industries to minimize their environmental impact, manage uncertainties, and improve operational efficiency. By implementing the strategies proposed in this study, industries can benefit from cost savings, reduced carbon footprints, and increased stability against market fluctuations. This research also drives the adoption of sustainable practices within industries, contributing to global environmental conservation goals and aligning with societal expectations for eco-friendly and socially responsible operations. It presents a practical roadmap for industries to navigate imperfect production challenges effectively within an environmentally conscious landscape. Also, it aims to contribute to the broader vision of achieving sustainable and equitable economic growth and is, therefore, essential for businesses in various sectors. |
| Author Keywords |
Stochastic optimal control; Inventory; Imperfect production; Price-sensitive demand; Free-repairable warranty (FRW); Partial backlogging; Promotional efforts; Carbon emission |
| Index Keywords |
Index Keywords |
| Document Type |
Other |
| Open Access |
Open Access |
| Source |
Emerging Sources Citation Index (ESCI) |
| EID |
WOS:001187024100001 |
| WoS Category |
Green & Sustainable Science & Technology; Energy & Fuels; Engineering, Environmental; Engineering, Chemical; Environmental Sciences |
| Research Area |
Science & Technology - Other Topics; Energy & Fuels; Engineering; Environmental Sciences & Ecology |
| PDF |
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