Economic Order Quantity: A State-of-the-Art in the Era of Uncertain Supply Chains
Mohammed Alnahhal,
Batin Latif Aylak,
Muataz Al Hazza
et al.
Abstract:Inventory management is crucial for companies to minimize unnecessary costs associated with overstocking or understocking items. Utilizing the economic order quantity (EOQ) to minimize total costs is a key decision in inventory management, particularly in achieving a sustainable supply chain. The classical EOQ formula is rarely applicable in practice. For example, suppliers may enforce a minimum order quantity (MOQ) that is much larger than the EOQ. Some conditions such as imperfect quality and growing items r… Show more
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