Economic Order Quantities with Inflation

Buzacott, John A.

doi:10.1057/jors.1975.113

Cited by 352 publications

(72 citation statements)

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“…The models of deterministic in inventory control divided into four models with constant demand rate and zero lead-time assumption (Buzacott, 1975;Chung & Liao, 2004;Ghare & Schrader, 1936;Ray & Chaudhuri, 1997;Schwarz, 2008;Schwarz, 1972). However, this paper investigated the deterministic multi item inventory control models (purchase with shortage and production with shortage) to establish a new formula of EOQ subjected to number of annual order.…”

Section: Problem Description and Assumptionsmentioning

confidence: 99%

Optimizing Multi-Item EOQ when the Constraint of Annual Number of Orders is Active

Ghafour¹,

Rashid²

2016

MAS

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The responsibility in inventory models decides of how much or how many of inventory items to order. An economic order quantity (EOQ) differs from a model to another according to the assumptions and the variables. This paper has developed the EOQ in two deterministic inventory model (Purchases with shortage and production with shortage) of multi-item when the objective function is subjected to annual number of orders. The constraints are assumed to be active if the left hand side does not satisfy the right hand side condition. Thus, Lagrange method is used to find the new multi-item EOQ in each two models with the constraint to achieve the new formula of EOQ. Finally, a numerical example is provided to justify the proposed model.

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Section: Problem Description and Assumptionsmentioning

confidence: 99%

Optimizing Multi-Item EOQ when the Constraint of Annual Number of Orders is Active

Ghafour¹,

Rashid²

2016

MAS

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“…Several researchers have examined the inflationary effect on the inventory policy. Buzacott [33] was the first researcher to assume inflation in inventory model. Datta and Pal [34] presented the effect of inflation and time value of money on an inventory model with linear time-dependent demand rate and shortages.…”

Section: Introductionmentioning

confidence: 99%

Mitigation of High-Tech Products with Probabilistic Deterioration and Inflations

Sarkar¹,

Sett²,

Goswami³

et al. 2015

AJIBM

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This paper describes a deteriorating inventory model with ramp-type demand pattern under stock-dependent consumption rate. The deterioration of the product is considered as probabilistic to make the research a more realistic one. The proposed model assumes partially backorder rate which follows a negative exponential with the waiting time. The effect of inflation and time value of money are incorporated into the model. The purpose of this study is to develop an optimal replenishment policy so that the total profit is maximized. We provide a simple solution procedure to obtain the optimal solutions. Numerical examples along with graphical representations are provided to illustrate the model. Sensitivity analysis of the optimal solution with respect to key parameters of the model has been carried out and the implications are discussed.

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“…As a result, while determining the optimal retail price and ordering policies, the effects of inflation and time value of money cannot be ignored. The pioneer research in this direction was Buzacott (1975), who developed an EOQ model with inflation subject to different types of pricing policies. Recently, Chang et al (2010) used a discounted cash-flow approach to establish an inventory model for deteriorating items with trade credit based on the order quantity.…”

Section: Introductionmentioning

confidence: 99%

A supply chain model for deteriorating items with time discounting under trade credit and quantity discounts

Hou¹,

Lin²

2011

Afr. J. Bus. Manage.

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A supply chain model for deteriorating items with price-dependent demand is developed under inflation, trade credit, and quantity discounts. We apply the discounted cash flow (DCF) approach for analysis of the retail price and replenishment problems over a finite planning horizon. In this paper, a mathematical model is derived under two different circumstances, that is, case I: the credit period is less than or equal to the cycle time for settling the account, and case II: the credit period is greater than the cycle time for settling the account. In addition, an optimal solution procedure is developed to find the optimal number of replenishment, cycle time, retail price and order quantity such that the total present value of profits is maximized. Finally, we provide several numerical examples to illustrate the results.

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Economic Order Quantities with Inflation

Cited by 352 publications

References 0 publications

Optimizing Multi-Item EOQ when the Constraint of Annual Number of Orders is Active

Optimizing Multi-Item EOQ when the Constraint of Annual Number of Orders is Active

Mitigation of High-Tech Products with Probabilistic Deterioration and Inflations

A supply chain model for deteriorating items with time discounting under trade credit and quantity discounts

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