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Celebrating a century of the economic order quantity model in honor of Ford Whitman Harris

Published on Sep 1, 2014in International Journal of Production Economics4.998
· DOI :10.1016/j.ijpe.2014.07.002
Leopoldo Eduardo Cárdenas-Barrón37
Estimated H-index: 37
(Tec: Monterrey Institute of Technology and Higher Education),
Kun-Jen Chung18
Estimated H-index: 18
(Shih Chien University),
Gerardo Treviño-Garza12
Estimated H-index: 12
(IBS: International Business School, Germany)
Sources
Abstract
Abstract This writing presents a brief introduction to the papers included in the special issue “Celebrating a century of the economic order quantity model in honor of Ford Whitman Harris” published by the International Journal of Production Economics. Forty-one papers covering an extensive scope of inventory management have been incorporated in this volume from contributing authors from 20 countries located in America, Asia, Europe and Africa. This special issue also provides a basis for new directions in inventory management research
  • References (47)
  • Citations (107)
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References47
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#1Martin Holmbom (Luleå University of Technology)H-Index: 3
#2Anders Segerstedt (Luleå University of Technology)H-Index: 20
This article provides a short historical overview from Harris and his Economic Order Quantity (EOQ) formula to the Economic Lot Scheduling Problem (ELSP). The aim is to describe the development of the ELSP field from the EOQ formula to the advanced methods of today in a manner that suits master and graduate students. The article shows the complexities, difficulties and possibilities of scheduling and producing several different items in a single production facility with constrained capacity. The...
15 CitationsSource
#1Giuseppe BrunoH-Index: 10
#2Andrea Genovese (University of Sheffield)H-Index: 18
Last. Carmela PiccoloH-Index: 5
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Starting from the seminal intuitions that led to the developments of the Economic Order Quantity model and of the formulation of the Dynamic Lot Sizing Problem, inventory models have been widely employed in the academic literature and in corporate practice to solve a wide range of theoretical and real-world problems, as, through simple modifications to the original models, it is possible to accommodate and describe a broad set of situations taking place in complex supply chains and logistics sys...
10 CitationsSource
#1Jiang Wu (SWUFE: Southwestern University of Finance and Economics)H-Index: 9
#2Ya-Lan Chan (Asia University (Japan))H-Index: 10
In practice, a credit-worthy retailer frequently receives a permissible delay on the entire purchase amount without collateral deposits from his/her supplier (i.e., an up-stream full trade credit). By contrast, a retailer usually requests his/her credit-risk customers to pay a fraction of the purchase amount at the time of placing an order, and then grants a permissible delay on the remaining balance (i.e., a down-stream partial trade credit). In addition, many products such as blood banks, phar...
42 CitationsSource
#1Jafar Rezaei (TU Delft: Delft University of Technology)H-Index: 24
Economic order/production quantity (EOQ/EPQ) models have generally been presented for manufacturing products. Incorporating some important features of a specific category of products, different EOQ/EPQ models have been proposed in literature. This study proposes a new class of inventory models, i.e. a model for a specific type of inventory items: growing items. Poultry and livestock are good examples of growing inventory items. We begin by proposing a general mathematical model, which can be use...
12 CitationsSource
#1Tal Avinadav (BIU: Bar-Ilan University)H-Index: 10
#2Avi Herbon (BIU: Bar-Ilan University)H-Index: 9
Last. Uriel Spiegel (BIU: Bar-Ilan University)H-Index: 13
view all 3 authors...
We formulate and analyze two models for determining the optimal pricing, order quantity and replenishment period for items whose demand function is separable into components of price and inventory age. The first model assumes a multiplicative demand function. We provide conditions, which are satisfied by most common price-dependent demand functions, to reduce the three-variable profit maximization problem into a single-variable problem, which can be solved using an efficient line-search method. ...
33 CitationsSource
#1Konstantina Skouri (UoI: University of Ioannina)H-Index: 16
#2Ioannis Konstantaras (UoM: University of Macedonia)H-Index: 19
Last. S. Papachristos (Hellenic Open University)H-Index: 1
view all 4 authors...
We consider a single-echelon inventory installation under the classical EOQ (with backorders) paradigm to study the effects of supply quality on cost performance. Previous research on imperfect supply quality has focused on variants of the proportional (deterministic or random) yield problem, where supply batches are all accepted and then used, after screening any defects. In this paper we study an alternative setting where, entire supply batches may be defective (below quality standards) and th...
28 CitationsSource
#1ManMohan S. Sodhi (City University London)H-Index: 23
#2Navdeep S. SodhiH-Index: 3
Last. Christopher S. Tang (UCLA: University of California, Los Angeles)H-Index: 48
view all 3 authors...
Motivated by a particular multinational cutting-tools manufacturer, we extend the traditional economic order quantity (EOQ) model for maintenance-repair-and-overhaul (MRO) customers under stochastic purchase price and use it to show how price variance leads to bullwhip effect for the MRO manufacturer despite constant consumption by the customer. Our extension of the EOQ model is based on two assumptions that are reasonable for MRO customers: (a) customer consumption rate of the product is consta...
11 CitationsSource
#1Jinn-Tsair Teng (WPUNJ: William Paterson University)H-Index: 42
#2Kuo-Ren Lou (TKU: Tamkang University)H-Index: 5
Last. Lu Wang (TKU: Tamkang University)H-Index: 1
view all 3 authors...
In reality, a seller (e.g., a supplier or a manufacturer) frequently offers his/her buyers trade credit (e.g., permissible delay in payment). Trade credit reduces the buyer's holding cost of inventory and hence attracts new buyers who consider it to be a type of price reduction. On the other hand, granting trade credit also increases the seller's opportunity cost (i.e., the loss of capital opportunity during the credit period) and default risk (i.e., the event in which the buyer will be unable t...
39 CitationsSource
This paper introduces and examines a generalized EOQ formula, based on the model with linear and fixed backordering costs. The new square-root formula is a combination of two well-known classical models, the basic EOQ model without stockouts and the EOQ model with backorders and linear backordering costs. Helping to combine the two is a new parameter, a fractional coefficient capturing the attractiveness of backorders. The coefficient is explained and discussed. The paper concludes with a brief ...
5 CitationsSource
#1Alessandro Andriolo (UNIPD: University of Padua)H-Index: 3
#2Daria Battini (UNIPD: University of Padua)H-Index: 21
Last. Fabio Sgarbossa (UNIPD: University of Padua)H-Index: 20
view all 5 authors...
Determining the economic lot size has always represented one of the most important issues in production planning. This problem has long attracted the attention of researchers, and several models have been developed to meet requirements at minimum cost. In this paper we explore and discuss the evolution of these models during one hundred years of history, starting from the basic model developed by Harris in 1913, up to today. Following Harris׳s work, a number of researchers have devised extension...
84 CitationsSource
Cited By107
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ABSTRACTDue to the large amount of money engaged with inventory along supply chains, especially with inventory holding costs, it is extremely important to employ a good inventory policy in order to...
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#1Amir Hossein Nobil (IAU: Islamic Azad University)H-Index: 4
#2Amir Hosein Afshar Sedigh (University of Otago)H-Index: 3
Last. Leopoldo Eduardo Cárdenas-Barrón (Tec: Monterrey Institute of Technology and Higher Education)H-Index: 37
view all 3 authors...
This paper develops a multiproduct economic production quantity inventory model for a vendor–buyer system in which several products are manufactured on a single machine. The vendor delivers the products to customer in small batches. The number of orders must be a discrete value. Moreover, benefitting from a just-in-time policy, the buyer decides the size of the delivered batches. Due to the fact that several products are manufactured on one machine, this makes that the production capacity be con...
7 CitationsSource
#1Luis A. San-José (University of Valladolid)H-Index: 12
#2Joaquín Sicilia (ULL: University of La Laguna)H-Index: 23
Last. Jaime Febles-Acosta (ULL: University of La Laguna)H-Index: 5
view all 4 authors...
In this paper, we study an inventory system for products where demand depends on time and price. Shortages are allowed and are fully backordered. We suppose that the demand rate is the product of a power time pattern and a three-parametric exponential price function. The objective is to determine the economic lot size, the optimal shortage level and the best selling price to maximize the total profit per unit time. We present an efficient procedure to determine the optimal solution of the invent...
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#1Muhammad Tayyab (LUMS: Lahore University of Management Sciences)H-Index: 3
#1Muhammad Tayyab (LUMS: Lahore University of Management Sciences)H-Index: 1
Last. Biswajit Sarkar (Yonsei University)H-Index: 36
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Abstract One of the most significant sectors in global economy is the textile industry, especially in asian continent. Owing to massive consumption of water in the wet processing operations of the textile sector, this industry is a major creator of effluent water. These effluents severely negatively affect plant photosynthetic function and must be treated prior to discharge into the environment. Reducing this type of hazardous environmental waste is one of the key considerations of lean philosop...
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#1Amir Hossein Nobil (IAU: Islamic Azad University)H-Index: 4
#2Erfan Nobil (IAU: Islamic Azad University)H-Index: 2
Last. Bhaba R. Sarker (LSU: Louisiana State University)H-Index: 37
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#1R. L. Das (SVNIT: Sardar Vallabhbhai National Institute of Technology, Surat)
#2R. K. Jana (SVNIT: Sardar Vallabhbhai National Institute of Technology, Surat)
Last. Ranjan Kumar Jana (SVNIT: Sardar Vallabhbhai National Institute of Technology, Surat)H-Index: 2
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In current scenario, big departmental stores used to work more efficiently with the items that can be substituted either with optimum order quantities or selling prices of the products. At the time of purchase, customer of one particular item transfers to relevant substitutable item because of difference in prices or the quantities that can be purchased in bulk. In this chapter, the inventory problem is determined in total profit maximization problem with crisp, random, fuzzy, fuzzy-random, roug...
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#1Leopoldo Eduardo Cárdenas-Barrón (Tec: Monterrey Institute of Technology and Higher Education)H-Index: 37
#2Ali Akbar Shaikh (Tec: Monterrey Institute of Technology and Higher Education)H-Index: 10
Last. Gerardo Treviño-GarzaH-Index: 12
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Abstract This paper deals with an economic order quantity (EOQ) inventory model under both nonlinear stock dependent demand and nonlinear holding cost. This inventory model is developed from retailer’s point of view, where the supplier offers a trade credit period to the retailer. In this paper, we relax the traditional assumption of zero ending inventory level to a non-zero ending inventory level. Consequently, the ending inventory level can be positive, zero or negative. When the ending invent...
1 CitationsSource
#1Youngchul Shin (SNU: Seoul National University)H-Index: 2
#2S.Y. Lee (SNU: Seoul National University)H-Index: 1
Last. Ilkyeong Moon (SNU: Seoul National University)H-Index: 29
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Abstract Recently, one of the largest retail companies in Korea introduced a mobile application that enables customers to store buy-one-get-one (BOGO) products in their virtual storage for later use. That is, customers who store the extra freebies in their virtual storage can drop by the store to pick them up in the future. Consequently, the application was successful in attracting customers. However, this type of promotion has significant implications for inventory levels. Since customers who b...
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#1Shouzhen Zeng (NBU: Ningbo University)H-Index: 7
#2Oleksandr Nestorenko (University of Economics in Bratislava)
Last. Chonghui Zhang (ZJSU: Zhejiang Gongshang University)H-Index: 2
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#2Hui-Ming Wee (CYCU: Chung Yuan Christian University)H-Index: 33
Last. Chien Chung Lo (NUU: National United University)
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AbstractDifferent from previous researches, our study considers a perishable item with collaborative vendor–buyer ordering policy and finite replenishment rate. Furthermore, due to the importance o...
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