The economic lot size of the integrated vendor‐buyer inventory system derived without derivatives

Hui‐Ming Wee

58 citations0/0 files storedOptimal Control Applications and Methods

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Supply Chain and Inventory Management Quality and Supply Management Sustainable Supply Chain Management

Abstract

Abstract In previous modellings of the integrated vendor–buyer system, the buyer's economic order quantity and the vendor's optimal number of deliveries are derived by setting the first derivatives to zero and solving the simultaneous equations. The Hessian matrix of second derivatives is used to prove the convexity of the objective function. This procedure can be difficult for students who lack the background of differential calculus. This study develops algebraically the optimal policy of the integrated vendor–buyer inventory system without using differential calculus. A significant cost reduction is also achieved when Goyal's model is modified. Copyright © 2002 John Wiley & Sons, Ltd.

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1999Inventory management and production planning and scheduling 1960Optimal Policies for a Multi-Echelon Inventory Problem 1986A JOINT ECONOMIC‐LOT‐SIZE MODEL FOR PURCHASER AND VENDOR 1988“A JOINT ECONOMIC‐LOT‐SIZE MODEL FOR PURCHASER AND VENDOR”: A COMMENT*2001The economic production quantity (EPQ) with shortage derived algebraically 1999The EOQ with backlogging derived without derivatives

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