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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.
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]
MacCormack method. In computational fluid dynamics, the MacCormack method (/məˈkɔːrmæk ˈmɛθəd/) is a widely used discretization scheme for the numerical solution of hyperbolic partial differential equations. This second-order finite difference method was introduced by Robert W. MacCormack in 1969. [ 1] The MacCormack method is elegant ...
Mathematical optimization (alternatively spelled optimisation) or mathematical programming is the selection of a best element, with regard to some criteria, from some set of available alternatives. [ 1][ 2] It is generally divided into two subfields: discrete optimization and continuous optimization.
Newton's method uses curvature information (i.e. the second derivative) to take a more direct route. In calculus, Newton's method (also called Newton–Raphson) is an iterative method for finding the roots of a differentiable function F, which are solutions to the equation F (x) = 0. As such, Newton's method can be applied to the derivative f ...
In mathematics, the Runge–Kutta–Fehlberg method (or Fehlberg method) is an algorithm in numerical analysis for the numerical solution of ordinary differential equations. It was developed by the German mathematician Erwin Fehlberg and is based on the large class of Runge–Kutta methods . The novelty of Fehlberg's method is that it is an ...
The design has the same precision on all columns, but in calculating polynomials, the precision on the higher-order columns could be lower. A difference engine is an automatic mechanical calculator designed to tabulate polynomial functions. It was designed in the 1820s, and was first created by Charles Babbage.
Economic batch quantity. In inventory management, Economic Batch Quantity (EBQ), also known as Optimum Batch Quantity (OBQ) is a measure used to determine the quantity of units that can be produced at the minimum average costs in a given batch or product run. EBQ is basically a refinement of the economic order quantity (EOQ) model to take into ...