Inventory Management and Risk Pooling - Single stage inventory - The economic lot size model
5 important questions on Inventory Management and Risk Pooling - Single stage inventory - The economic lot size model
What is the economic lot size model?
What is the goal in the economic lot size model?
What is zero inventory ordering property?
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How do we calculate total inventory cost in a cycle of length T?
h = the per-unit, per-time-period holding cost
Q/2 = the average inventory level
T = the length of the cycle
Which two insights does the economic size model provide?
- A optimal policy balances inventory holding cost per unit time with setup cost per unit time.
- Total inventory cost is insensitive to order quantities; that is, changes in order quantities have a relatively small impact on annual setup costs and inventory holding costs
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