A Note on Economic Order Quantity Model - iBusiness

IB > Vol.9 No.4, December 2017

A Note on Economic Order Quantity Model ()

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DOI: 10.4236/ib.2017.94006 2,135 Downloads 10,342 Views Citations

Author(s)

N. Tungalag, M. Erdenebat, R. Enkhbat^*

Affiliation(s)

National University of Mongolia, Ulaanbaatar, Mongolia.

ABSTRACT

Economic Order Quantity (EOQ) model has been extended. We formulate EOQ model as a calculus of variations. This new extended problem is a simple optimal control problem with an unknown initial state. By solving this problem we generalize EOQ formula [1].

KEYWORDS

EOQ, Cost Minimization, Inventory Management

Share and Cite:

Tungalag, N. , Erdenebat, M. and Enkhbat, R. (2017) A Note on Economic Order Quantity Model. iBusiness, 9, 74-79. doi: 10.4236/ib.2017.94006.

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