inventory theory
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13 Terms
1
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EOQ → q*
2
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EOQ → orders p/yr
3
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EOQ → average inventory
4
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EOQ → total relevant cost [TC(q)]
at q* : ordering cost = holding cost
5
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EOQ → lead time [reorder level]
lead time = L
daily demand = d = D/working days p/yr
6
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conditions for EPQ
production rate P is finite
P > D
7
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EPQ → q*
8
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EPQ → max. inventory
9
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EPQ → average inventory
10
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conditions for EOQ with shortages
deterministic demand
backorders allowed
penalty cost given
11
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EOQ with shortages → q*
12
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EOQ with shortages → max. inventory
13
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news vendor model
costs:
Cu = s - c
Co = c - v
critical fractile = Cu/Cu + Co
Note 
Flashcards (89)