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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.
Definition. The most common problem being solved is the 0-1 knapsack problem, which restricts the number of copies of each kind of item to zero or one. Given a set of items numbered from 1 up to , each with a weight and a value , along with a maximum weight capacity , subject to and . Here represents the number of instances of item to include ...
The satisfiability problem, also called the feasibility problem, is just the problem of finding any feasible solution at all without regard to objective value. This can be regarded as the special case of mathematical optimization where the objective value is the same for every solution, and thus any solution is optimal.
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 ...
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]
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:
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 lot scheduling problem (ELSP) is a problem in operations management and inventory theory that has been studied by many researchers for more than 50 years. The term was first used in 1958 by professor Jack D. Rogers of Berkeley, who extended the economic order quantity model to the case where there are several products to be produced on the same machine, so that one must decide ...