Abstract
Recently, in Mathematical and Computational Applications Journal Chiu et al. [1] and Chen and Chiu [2] propose an inventory model based on EPQ with rework to determine the replenishment lot size and the number of shipments for a vendor-buyer integrated production-inventory system. They solve the inventory problem by considering both variables as continuous. However, the number of shipments must be considered as discrete variable. In this direction, this paper revisits and solves the inventory problem of [1-2] considering the decision variables according to their nature. Two easy and improved algorithms are proposed which simplify and complement the research works of [1-2].
Highlights
The first inventory model called EOQ was derived by Harris in 1913 [3] and five years later the EPQ inventory model was proposed by Taft in 1918 [4]
Other journals do the same, i.e. see the research works of [13,14,15,16,17,18,19]; just to name a few papers related to EOQ/EPQ inventory models
We found that in both papers the authors considered the number of shipments (n) as continuous variable and they round off it in order to obtain the discrete value
Summary
Abstract- Recently, in Mathematical and Computational Applications Journal Chiu et al [1] and Chen and Chiu [2] propose an inventory model based on EPQ with rework to determine the replenishment lot size and the number of shipments for a vendor-buyer integrated production-inventory system. They solve the inventory problem by considering both variables as continuous. The number of shipments must be considered as discrete variable In this direction, this paper revisits and solves the inventory problem of [1,2] considering the decision variables according to their nature.
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