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A note on an economic production quantity model and just-in-time production

T.C.E. Cheng

Abstract

In this paper an economic production quantity (EPQ) model in which the production rate is variable is studied. An analysis is presented of the impact of a variable production rate on the optimal production quantity and the total relevant cost. It is observed that this EPQ production and inventory system, in which the production rate is close to the demand rate, possesses many characteristics that are similar to a just-in-time (JIT) production system. It is shown that the normal prerequisites and benefits of JIT production can be identified from an analysis of such an EPQ system.

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Key concepts: Economic production quantity, Production (economics), Production rate, Variable (mathematics), Economics, Econometrics, Microeconomics, Mathematics