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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 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 ...
Bertrand competition is a model of competition used in economics, named after Joseph Louis François Bertrand (1822–1900). It describes interactions among firms (sellers) that set prices and their customers (buyers) that choose quantities at the prices set. The model was formulated in 1883 by Bertrand in a review of Antoine Augustin Cournot ...
The inventory control problem is the problem faced by a firm that must decide how much to order in each time period to meet demand for its products. The problem can be modeled using mathematical techniques of optimal control, dynamic programming and network optimization. The study of such models is part of inventory theory.
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 objective is to achieve the minimum perturbation to the item size vector so that all the items can be packed into the prescribed number of bins. In the maximum resource bin packing problem, [51] the goal is to maximize the number of bins used, such that, for some ordering of the bins, no item in a later bin fits in an earlier bin. In a dual ...
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]