Survey on Inventory Model of EOQ & EPQ with Partial Backorder Problems

Peer Review #2 of "Development of a coded suite of models to explore relevant problems in logistics (v0.2)"

“…In this regard, the term Economic Order Quantity (EOQ) has been used to define the optimal lot size Q which is required to minimize inventory management costs such as those associated to ordering and holding goods through the supply chain. Determination of Q may become a complex task due to the different variables involved in the inventory supply processes such as costs, delivery times, planning horizon, cycle time, stock-out costs and probabilities, service levels, demand patterns (Thinakaran N et al, 2019).…”

Peer Review #1 of "Development of a coded suite of models to explore relevant problems in logistics (v0.1)"

“…Thus, different mathematical models have been developed to determine the EOQ considering these multiple variables (Thinakaran N et al, 2019;Braglia M et al, 2019;De SK and Sana SS, 2015;Hovelaque V and Bironneau L, 2015). In this context, depending of the variability of the demand patterns (as measured by a coefficient of variability CV = σ/µ, where σ and µ are the standard deviation and mean of the demand data respectively) there are inventory control models for deterministic and non-deterministic demand.…”

Development of a coded suite of models to explore relevant problems in logistics

“…In this regard, the term Economic Order Quantity (EOQ) has been used to define the optimal lot size Q which is required to minimize inventory management costs such as those associated to ordering and holding goods through the supply chain. Determination of Q may become a complex task due to the different variables involved in the inventory supply processes such as costs, delivery times, planning horizon, cycle time, stock-out costs and probabilities, service levels, demand patterns (Thinakaran, Jayaprakas & Elanchezhian, 2019).…”

“…Thus, different mathematical models have been developed to determine the EOQ considering these multiple variables (Thinakaran, Jayaprakas & Elanchezhian, 2019;Braglia et al, 2019;De & Sana, 2015;Hovelaque & Bironneau, 2015). In this context, depending of the variability of the demand patterns (as measured by a coefficient of variability CV = σ/μ, where σ and μ are the standard deviation and mean of the demand data respectively) there are inventory control models for deterministic and non-deterministic demand.…”