An Algebraic Approach for Determining The Optimal Lot Size for EPQ Model with Rework Process

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Title:	An Algebraic Approach for Determining The Optimal Lot Size for EPQ Model with Rework Process
Authors:	Chiu, Singa Wang;Cheng, Chi-Bin;Wu, Mei-Fang;Yang, Jyh-Chau
Contributors:	淡江大學資訊管理學系
Keywords:	Operations management;Inventory control;Manufacturing;Lot sizing;EPQ
Date:	2010-01
Issue Date:	2011-10-23 13:17:17 (UTC+8)
Publisher:	Manisa: Association for Scientific Research
Abstract:	This paper presents a simple algebraic approach for deriving the optimal lot size for economic production quantity (EPQ) model with rework process. Conventional methods for solving lot size problems are by using differential calculus on the long-run average production-inventory cost function with the need to prove optimality first. A few recent articles proposed the algebraic approach to the solution of classic economic order quantity (EOQ) and EPQ model without reference to the use of derivatives. This paper extends it to an EPQ model with reworking of defective items. We demonstrate that optimal lot size and optimal production-inventory cost for such an imperfect EPQ model can be derived without derivatives. As a result, it may enable the practitioners or students who with little knowledge of calculus to understand or handle with ease the realistic production systems.
Relation:	Mathematical & Computational Applications 15(3), pp.364-370
Appears in Collections:	[Graduate Institute & Department of Information Management] Journal Article

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