Abstract
In this paper, we proposed a model for an inventory system that satisfies a continuous time-varying demand for a finished product over a known and finite planning horizon by supplying both new and repaired items. New items are fabricated from a single type of raw material procured from external suppliers, while used items are collected from the customers and then repaired to a condition that is as-good-as-new. During each time interval, new items and used items are produced from multiple production and repair runs. The problem is to determine a joint policy for raw materials procurement, new items fabrication, and used items repair such that the total relevant cost of the model is minimized. We also proposed a numerical solution procedure and we tested the model with some numerical examples and a simple sensitivity analysis.
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