Mathematical modeling study reveals an optimal circular economy production policy for bicycle manufacturing, suggesting improved resource efficiency despite imperfect production processes.
The concept of circular economy (CE) is to an increasing extent treated as a solution to series of challenges such as waste generation, resource scarcity and sustaining economic benefits. Specific circumstances and motivations have stimulated ideas relevant to circularity in the past through activities such as Reduce, Reuse, Recycle, or Regeneration (4R). This study investigates a CE policy in an imperfect production system with Engineered-To-Order (ETO) component and general component. Keeping all these facts in mind, we propose a CE policy with the optimal production. Finally, we have illustrated our model by numerical example from the bike industry. Sensitivity analysis is also performed to obtain some managerial insights.
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Huang et al. (2021) studied this question.
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