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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, [1] 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 ...
The EPQ model was developed and published by E. W. Taft, a statistical engineer working at Winchester Repeating Arms Company in New Haven, Connecticut, in 1918. [1] This method is an extension of the economic order quantity model (also known as the EOQ model). The difference between these two methods is that the EPQ model assumes the company ...
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.
The EOQ model and its sister, the economic production quantity model (EPQ), have been criticised for "their restrictive set[s] of assumptions. [13] Guga and Musa make use of the model for an Albanian business case study and conclude that the model is "perfect theoretically, but not very suitable from the practical perspective of this firm". [14]
Its is a class of inventory control models that generalize and combine elements of both the Economic Order Quantity (EOQ) model and the base stock model. [2] The (Q,r) model addresses the question of when and how much to order, aiming to minimize total inventory costs, which typically include ordering costs, holding costs, and shortage costs.
The Silver–Meal heuristic is a production planning method in manufacturing, composed in 1973 [1] by Edward A. Silver and H.C. Meal. Its purpose is to determine production quantities to meet the requirement of operations at minimum cost.
The EOQ model was developed by Ford W. Harris in 1913, but R. H. Wilson, a consultant who applied it extensively, and K. Andler are given credit for their in-depth analysis. Aggterleky described the optimal planning planes and the meaning of under and over planning, and the influence of the reduction of total cost.
Material theory (or more formally the mathematical theory of inventory and production) is the sub-specialty within operations research and operations management that is concerned with the design of production/inventory systems to minimize costs: it studies the decisions faced by firms and the military in connection with manufacturing, warehousing, supply chains, spare part allocation and so on ...