Abstract
Hybrid manufacturing/remanufacturing in closed loop manufacturing system (CLMS) has gained considerable attention in industry over past few years due to environmental concern. Remanufacturing of used products basically includes activities like acquisition of used product, reverse logistics, cleaning, inspection, reassembly, disposal of unused material, and remarketing. Determination of selling prices of remanufactured product is also complex and an important decision making area as the profitability of remanufacturing business is significantly dependent on it. Under the above circumstances in this research paper, a profit-maximisation model is developed to optimise selling price of new products and used products using genetic algorithm. OEM (original equipment manufacturer) sells remanufactured products in place of brand new products as there is no quality difference between them and also sells refurbished products and spare parts into secondary market. In this paper a numerical example and sensitivity analysis has been performed.
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