The consumerism-driven, consumption-based linear economy is leaving a trail of economic, environmental, and societal challenges in its wake. The Circular Economy, a new economic framework, can be combined with the 6R-based elements of sustainable manufacturing in order to relieve these challenges by establishing a closed-loop material flow. To realize this ideal state, a total life cycle cost model (TLCCM) is needed to serve as the primary engineering economic model. Therefore, a framework for such a model is presented that aims to aid stakeholders in making decisions regarding all aspects of the product life cycle. It is intended that these stakeholders use this model in order to challenge the status quo of costly “green”-centric decisions and demand innovation in the overall process in order to realize a net positive total life cycle cost benefit alongside a balanced Triple-Bottom-Line (TBL). To illustrate how the TLCCM can be applied, an application is explored that uses the model to determine post-recovery resource allocation into three closed-loop streams (Recycling, Remanufacturing, and Reusing). An outlook for future research is then presented.
|Number of pages||9|
|Journal||Resources, Conservation and Recycling|
|State||Published - Aug 2018|
Bibliographical notePublisher Copyright:
© 2018 Elsevier B.V.
- Circular economy
- Life cycle costing
- Sustainable manufacturing
ASJC Scopus subject areas
- Waste Management and Disposal
- Economics and Econometrics