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A Nonstationary EOQ Model with Lead Time Uncertainty

Hang Pei-qing

Open publisher page 1 citations

Abstract

A nonstationary EOQ model with lead time uncertainty was discussed in this paper.Considering the complexity of the order policy with lead time uncertainty,a simple quadratic programming was derived,and then the order policy with lead time uncertainty was easily converted into a general model with certain lead time.Furthermore,it should be noted that the order quantity is an integer number in practice;however,it is possible that the traditional economic order quantity(EOQ) is not an integer,which would make the stationary EOQ policy not perfectly work for the order system.A heuristic approach was then proposed to solve the corresponding mathematical programming,and some numerical example was adopted to illustrate the proposed approach.

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What this paper is about

A nonstationary EOQ model with lead time uncertainty was discussed in this paper.Considering the complexity of the order policy with lead time uncertainty,a simple quadratic programming was derived,and then the order policy with lead time uncertainty was easily converted into a general model with certain lead time.Furthermore,it should be noted that the order quantity is an integer number in practice;however,it is possible that the traditional economic order quantity(EOQ) is not an integer,which would make the stationary EOQ policy not perfectly work for the order system.A heuristic approach was then proposed to solve the corresponding mathematical programming,and some numerical example was adopted to illustrate the proposed approach.

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Available abstract

A nonstationary EOQ model with lead time uncertainty was discussed in this paper.Considering the complexity of the order policy with lead time uncertainty,a simple quadratic programming was derived,and then the order policy with lead time uncertainty was easily converted into a general model with certain lead time.Furthermore,it should be noted that the order quantity is an integer number in practice;however,it is possible that the traditional economic order quantity(EOQ) is not an integer,which would make the stationary EOQ policy not perfectly work for the order system.A heuristic approach was then proposed to solve the corresponding mathematical programming,and some numerical example was adopted to illustrate the proposed approach.

Key concepts: Economic order quantity, Lead time, Order (exchange), Heuristic, Mathematical optimization, Lead (geology), Quadratic equation, Integer (computer science)

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