2004•Industrial Engineering and ManagementRequires access

An EOQ Model Related Cost Per Unit to Order Quantity and Demand Quantity

Wang Lin

Abstract

In this paper, a modified EOQ model is proposed, in which holding cost per unit is related to order quantity and demand quantity per unit time, since it is not practical to suppose holding cost per unit as a constant in traditional EOQ model. The meaning of this model is explained. Using Geometric Programming, an optimal solution procedure is given. As a case, the bounding analysis and sensitivity analysis with calculating examples illustrate how this model works in the spare part control application system of a nuclear plant.

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Available abstract

Key concepts: Economic order quantity, Constant (computer programming), Spare part, Bounding overwatch, Holding cost, Unit (ring theory), Order (exchange), Sensitivity (control systems)