While the net present value (NPV) approach is widely accepted as the right frameworkfor studying production and inventory control systems, average cost (AC) models are morewidely used. For the well known EOQ model it can be verified that (under certain conditions)the AC approach gives near...

We explore the value of information in the context of a remanufacturer that faces uncertainty with respect to demand, product return, and product recovery (yield loss). We assume a single period model in which the operational decision of interest is the quantity of new product to order. Our...

We describe hybrid manufacturing/remanufacturing systems with a long lead time for manufacturing and a short lead time for remanufacturing. We review the classes of inventory strategies for hybrid systems in the literature. These are all based on equal lead times. For systems with slow...