Open AccessSustainable Preservation Strategies with Deterioration Management and Environment Sensitive Demand
Author(s) -
Priyamvada,
Shikha Yadav,
Aditi Khanna,
Chandra K. Jaggi
Publication year - 2021
Publication title -
international journal of mathematical, engineering and management sciences
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.228
H-Index - 10
ISSN - 2455-7749
DOI - 10.33889/ijmems.2021.6.4.064
Subject(s) - profit (economics) , environmental economics , business , equity (law) , product (mathematics) , intergenerational equity , sustainable development , industrial organization , sustainability , investment (military) , microeconomics , economics , natural resource economics , risk analysis (engineering) , ecology , geometry , mathematics , politics , political science , law , biology
Sustainable operations are concerned with the eco-friendly system to postulate intergenerational equity on social, economical, and environmental responsibility. This paper addresses the deterioration with a preservation strategy without compromising the environmental performance of the product. Also, the loss due to deterioration is managed completely with the idea of salvage trade. Furthermore, the upcoming demand is assumed to be “price and environment-sensitive”. This model maximizes the seller’s total profit by optimizing the unit selling price and minimizing the investment to maintain the environmental performance of the product and preservation technology at the same time. A numerical example and related graphs are illustrated to validate the model.