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Economic order quantity. Economic order quantity ( EOQ ), also known as financial purchase quantity or economic buying quantity, [citation needed] is the order quantity that minimizes the total holding costs and ordering costs in inventory management. It is one of the oldest classical production scheduling models.
Abel–Ruffini theorem. In mathematics, the Abel–Ruffini theorem (also known as Abel's impossibility theorem) states that there is no solution in radicals to general polynomial equations of degree five or higher with arbitrary coefficients. Here, general means that the coefficients of the equation are viewed and manipulated as indeterminates .
Mathematical optimization. Graph of a surface given by z = f ( x, y) = − ( x ² + y ²) + 4. The global maximum at ( x, y, z) = (0, 0, 4) is indicated by a blue dot. Nelder-Mead minimum search of Simionescu's function. Simplex vertices are ordered by their values, with 1 having the lowest ( best) value. Mathematical optimization ...
In statistics, polynomial regression is a form of regression analysis in which the relationship between the independent variable x and the dependent variable y is modeled as an n th degree polynomial in x. Polynomial regression fits a nonlinear relationship between the value of x and the corresponding conditional mean of y, denoted E ( y | x ).
Dynamic lot-size model. The dynamic lot-size model in inventory theory, is a generalization of the economic order quantity model that takes into account that demand for the product varies over time. The model was introduced by Harvey M. Wagner and Thomson M. Whitin in 1958. [ 1][ 2]
In mathematics, the degree of a polynomial is the highest of the degrees of the polynomial's monomials (individual terms) with non-zero coefficients. The degree of a term is the sum of the exponents of the variables that appear in it, and thus is a non-negative integer. For a univariate polynomial, the degree of the polynomial is simply the ...
Newsvendor model. The newsvendor (or newsboy or single-period[ 1] or salvageable) model is a mathematical model in operations management and applied economics used to determine optimal inventory levels. It is (typically) characterized by fixed prices and uncertain demand for a perishable product. If the inventory level is , each unit of demand ...
The economic production quantity model (also known as the EPQ model) determines the quantity a company or retailer should order to minimize the total inventory costs by balancing the inventory holding cost and average fixed ordering cost. The EPQ model was developed and published by E. W. Taft, a statistical engineer working at Winchester ...
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