Remanufacturing of Locomotives, Passenger and Freight cars is highly prevalent in the Railroad industry due to the high initial cost associated with these assets. Production scheduling in a remanufacturing shop poses a special challenge as the scope of work involved is not known with great certainty. This uncertainty translates into wide variability in lead times and production inefficiencies. Traditional methods of production planning, more suitable for new manufacture, either fail to give suitable results or are cumbersome to use in the highly dynamic environment. Hence, a novel approach is suggested which gives accurate projections and at the same time is robust enough to cater to the changing ground situation.