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EOQ Models with Supply Disruptions
2013Most of the early research in inventory theory concentrates purely on demand uncertainty. However, models which aim to capture the dynamics of real-world systems must also take uncertainties in the supply side into consideration. One type of supply uncertainty that has attracted considerable attention during the past decade is supply disruptions, such ...
Atan, Zümbül, Snyder, Lawrence V.
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EOQ with limited backorder delays
Computers & Operations Research, 1986This note considers the problem of determining the EOQ of an inventory system which allows for short delay in replenishment of inventory items that are subject to exponential decay over time. We present an analytical model to deal with the problem. It is shown that previous research results for the situation with nondecaying inventory items can be ...
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Management Science, 1987
Zero Inventory (ZI) is a new and powerful concept to improve production efficiency. Underpinning ZI is set up reduction and this paper examines what eventuates when set up costs are cut. The folklore is that set up reduction lowers inventory and costs. We obtain results contrary to that.
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Zero Inventory (ZI) is a new and powerful concept to improve production efficiency. Underpinning ZI is set up reduction and this paper examines what eventuates when set up costs are cut. The folklore is that set up reduction lowers inventory and costs. We obtain results contrary to that.
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An EOQ model with process reliability considerations
Journal of the Operational Research Society, 2003Summary: The classical economic order quantity (EOQ) model assumes that items produced are of perfect quality and that the unit cost of production is independent of demand. However, in realistic situations, product quality is never perfect, but is directly affected by the reliability of the production process.
P. K. Tripathy +2 more
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2021
Since the introduction of the economic order quantity (EOQ) model by Harris (1913), frequent contributions have been made in the literature toward the development of alternative models that overcome the unrealistic assumptions embedded in the EOQ formulation.
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Since the introduction of the economic order quantity (EOQ) model by Harris (1913), frequent contributions have been made in the literature toward the development of alternative models that overcome the unrealistic assumptions embedded in the EOQ formulation.
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An EOQ Model with Random Variations in Demand
Management Science, 1995This paper presents a model that incorporates variations in the demand rate at random time points into the inventory planning decision. These changes in demand may occur due to economic recessions, labor strife starting or ending, or other events that result in a period of time during which the rate of demand is shifted up or down from its current ...
Percy H. Brill, Ben A. Chaouch
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2006
Despite the criticisms of Woolsey [25] and others, the classical “EOQ” model of Inventory Theory remains useful, both pedagogically and as a stepping-stone towards more realistic variants. Prominent among these are: (a) the one in which stock-outs are permitted but penalized, and (b) the one in which deliveries are gradual (i.e., continuous) rather ...
Beryl E. Castello, Alan J. Goldman
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Despite the criticisms of Woolsey [25] and others, the classical “EOQ” model of Inventory Theory remains useful, both pedagogically and as a stepping-stone towards more realistic variants. Prominent among these are: (a) the one in which stock-outs are permitted but penalized, and (b) the one in which deliveries are gradual (i.e., continuous) rather ...
Beryl E. Castello, Alan J. Goldman
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An EOQ Model with Substitutions Between Products
Journal of the Operational Research Society, 1995Summary: We present an economic order quantity (EOQ) model when two products are required, and one can be substituted for the other, if necessary, at a given unit cost. We consider three cases: (i) when there is no substitution between the products, (ii) when there is full substitution between the products, and (iii) when there is partial substitution ...
Drezner, Zvi +2 more
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A Note on the Sensitivity of the EOQ
IIE Transactions, 1989Abstract We show that results indicating that the EOQ can be very sensitive to errors in the demand forecast are derived from a potentially inconsistent set of assumptions. Depending on the resolution of these inconsistencies, we show that the sensitivity of the EOQ to these forecast errors is generally negligible.
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Naval Research Logistics, 1988
We explore the properties of the discounted total cost function for the economic order quantity. We show that it is convex. Furthermore, it is shown that the classical economic order quantity (based on Wilson's formula) is not less than the true optimum value based on discounting.
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We explore the properties of the discounted total cost function for the economic order quantity. We show that it is convex. Furthermore, it is shown that the classical economic order quantity (based on Wilson's formula) is not less than the true optimum value based on discounting.
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