Abstract
The EOQ model determines the quantity that minimizes the total sum of all cost functions. We suggest a common structure for economic order quantity type non-linear differential models with costs functions with respect to time in a cyclic period. For this model, we analyze the related optimization problem and develop a relaxed method for determining a bounded interval containing the optimal cycle length. Also for a special class of transportation functions, we study these consequences and introduce algorithms to calculate the optimal size and the corresponding optimal order stage.
Highlights
The general economy challenged by governments in recent years has been described by almost a linear model
The Economic Order Quantity (EOQ) model determines the quantity that minimizes the total sum of all cost functions
We suggest a common structure for economic order quantity type non-linear differential models with costs functions with respect to time in a cyclic period
Summary
The general economy challenged by governments in recent years has been described by almost a linear model. For such a model, it must satisfy some kind of stability. It would be problematic to consider it likely that decisions occupied on the basis of past actions could cause to accurate future consequences. One of the most dynamic features in managing any economic units is the Economic Order Quantity (EOQ). It might be summed up, among other features, as confirming both good customer service and efficient production while keeping records as low as possible
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