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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.
Cutting stock problem. In operations research, the cutting-stock problem is the problem of cutting standard-sized pieces of stock material, such as paper rolls or sheet metal, into pieces of specified sizes while minimizing material wasted. It is an optimization problem in mathematics that arises from applications in industry.
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 ...
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:
The corresponding mass formula is defined purely in terms of the numbers of protons and neutrons it contains. The original Weizsäcker formula defines five terms: Volume energy, when an assembly of nucleons of the same size is packed together into the smallest volume, each interior nucleon has a certain number of other nucleons in contact with ...
The Lambert W function is used to solve equations in which the unknown quantity occurs both in the base and in the exponent, or both inside and outside of a logarithm. The strategy is to convert such an equation into one of the form ze z = w and then to solve for z using the W function. For example, the equation = +
Lanchester's laws are mathematical formulas for calculating the relative strengths of military forces. The Lanchester equations are differential equations describing the time dependence of two armies' strengths A and B as a function of time, with the function depending only on A and B. [ 1][ 2] In 1915 and 1916 during World War I, M. Osipov [ 3 ...
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 ...