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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]
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.
Failure mode effects and criticality analysis ( FMECA) is an extension of failure mode and effects analysis (FMEA). FMEA is a bottom-up, inductive analytical method which may be performed at either the functional or piece-part level. FMECA extends FMEA by including a criticality analysis, which is used to chart the probability of failure modes ...
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 ...
Material requirements planning. Material requirements planning ( MRP) is a production planning, scheduling, and inventory control system used to manage manufacturing processes. Most MRP systems are software -based, but it is possible to conduct MRP by hand as well. An MRP system is intended to simultaneously meet three objectives:
Cutting-stock problems can be classified in several ways. [1] One way is the dimensionality of the cutting: the above example illustrates a one-dimensional (1D) problem; other industrial applications of 1D occur when cutting pipes, cables, and steel bars. Two-dimensional (2D) problems are encountered in furniture, clothing and glass production.
It is a type of optimal decision problem. It consists of choosing how much of each available good or service to consume, taking into account a constraint on total spending (income), the prices of the goods and their preferences . Utility maximization is an important concept in consumer theory as it shows how consumers decide to allocate their ...
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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