An alternative approach to analyze economic ordering quantity and economic production quantity inventory problems using the completing the square method

An alternative approach to analyze economic ordering quantity and economic production quantity inventory problems using the completing the square method

0.00 Avg rating0 Votes
Article ID: iaor20116515
Volume: 59
Issue: 2
Start Page Number: 362
End Page Number: 364
Publication Date: Sep 2010
Journal: Computers & Industrial Engineering
Authors: , ,
Keywords: economic order model
Abstract:

In most papers and textbooks, the economic order quantity (EOQ) models and their variants, and the economic production quantity (EPQ) models and their variants are commonly solved using differential calculus. This study proposes an alternative approach that transform the problem into a suitable form and a procedure using the completing the squares method is employed to obtain the optimal solution. The applicability of the method is demonstrated for some selected single and multi‐variable problems given in the literature.

Reviews

Required fields are marked *. Your email address will not be published.