EOQ Revisited with Sustainability Considerations

Mehmet Can Arslan · Metin Türkay

107 citations0/0 files storedFoundations of Computing and Decision Sciences

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Supply Chain and Inventory Management Sustainable Supply Chain Management Operations Management Techniques

Abstract

Abstract The economic order quantity (EOQ) model is a pure economic model in classical inventory control theory. The model is designed to find the order quantity so as to minimize total cost under a deterministic setting. In this study, we revise the standard EOQ model to incorporate sustainability considerations that include environmental and social criteria in addition to the conventional economic considerations. We propose models for a number of different policies and analyze these revised models. Based on our analysis, we show how the triple bottom line considerations of sustainability be appended to traditional cost accounting in EOQ model. We also provide a number of useful insights for decision and policy making practices.

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References

1999Cannibals with forks: the triple bottom line of 21st century business 2008From a literature review to a conceptual framework for sustainable supply chain management 2007Green supply‐chain management: A state‐of‐the‐art literature review 2000Foundations of Inventory Management 2005Sustainable Operations Management 2007Sustainable supply chains: An introduction 2012Carbon Footprint and the Management of Supply Chains: Insights From Simple Models 1992Production and Operations Analysis

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