EPQ Model with Product Stewardship Approach

Abstract

From the past few decades, most of the researchers concentrate on recycling of consumer goods to reduce the impact on environment and health, but now it is time to change our basic approach. In this research paper, we elaborate a nascent issue of product stewardship. Economic production model (EPQ) is a production model in which production occur in a time cycle to fulfill the demand. The proposed model we consider a basic EPQ model with all basic setup and product stewardship. In this paper, we investigate a complete and simple elucidation of product stewardship in a lucid manner which corroborated with many illustrations to convey the intend theme. In this proposed model total cost is calculated with convexity and sensitivity analysis.