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)
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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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...
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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...
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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. ...
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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 ...
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