An alternative analysis of inventory costs of JIT and EOQ purchasing

Marc J. Schniederjans · Qing Cao

33 citations0/0 files storedInternational Journal of Physical Distribution & Logistics Management

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Supply Chain and Inventory Management Management and Optimization Techniques Quality and Supply Management

Abstract

Recent models comparing inventory costs under just‐in‐time (JIT) purchasing plans and economic order quantity (EOQ) purchasing plans have tended to favor EOQ purchasing in situations where annual demand of inventory is moderately large. Contends that these cost models are lacking dynamic cost components inherent in virtually all JIT purchasing plans. Presents a series of inventory purchasing cost models that extend prior methodology by Fazel by including relevant physical distribution cost savings. Additional comparative models are presented to further demonstrate how other relevant costs factors can be included in a comparative EOQ/JIT model. A cost comparison with an existing problem from the literature is used to illustrate the informational efficacy of new models.

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References

1983Japanese manufacturing techniques 1998An EOQ model for items with Weibull distribution deterioration, shortages and trended demand: An extension of Philip's model 1997An EOQ model with stock-dependent demand, shortage, inflation and time discounting 1984Reinventing Inventory Control 1997Effect of just-in-time purchasing relationships on organizational design, purchasing department configuration, and firm performance 1997A comparative analysis of inventory costs of JIT and EOQ purchasing 2000A note on JIT purchasing vs. EOQ with a price discount: An expansion of inventory costs 1997Assessing the impact of JIT using economic theory

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2006Modeling just-in-time purchasing in the ready mixed concrete industry 2003A revised EMQ/JIT production-run model: An examination of inventory and production costs 2012An integrated producer–buyer relationship in the environment of EMQ and JIT production systems 2005EOQ, JIT and fixed costs in the ready-mixed concrete industry 2005Just‐in‐time management in the ready mixed concrete industries of Chongqing, China and Singapore

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