A New Model for Determining the EOQ under Changing Price Parameters and Reordering Time

The present study deals with the modification of Wilson’s formulation by taking into account changes in the supply chain represented by the parameters of the model, namely varying delivery costs and price of goods stored. The four different models are presented. The proposed models avoid the main dr...

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Main Authors: Tetyana Nestorenko, Mangirdas Morkunas, Jana Peliova, Artiom Volkov, Tomas Balezentis, Dalia Streimkiene
Format: Article
Language:English
Published: MDPI AG 2020-09-01
Series:Symmetry
Subjects:
Online Access:https://www.mdpi.com/2073-8994/12/9/1512
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author Tetyana Nestorenko
Mangirdas Morkunas
Jana Peliova
Artiom Volkov
Tomas Balezentis
Dalia Streimkiene
author_facet Tetyana Nestorenko
Mangirdas Morkunas
Jana Peliova
Artiom Volkov
Tomas Balezentis
Dalia Streimkiene
author_sort Tetyana Nestorenko
collection DOAJ
description The present study deals with the modification of Wilson’s formulation by taking into account changes in the supply chain represented by the parameters of the model, namely varying delivery costs and price of goods stored. The four different models are presented. The proposed models avoid the main drawbacks of Wilson’s formulation—the constant price and reordering time—and discuss the case where varying parameters are used alongside discounting. The proposed models render lower costs under particular settings.
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spelling doaj.art-9f810485f936427eb87d84da11bb22c02023-11-20T13:40:31ZengMDPI AGSymmetry2073-89942020-09-01129151210.3390/sym12091512A New Model for Determining the EOQ under Changing Price Parameters and Reordering TimeTetyana Nestorenko0Mangirdas Morkunas1Jana Peliova2Artiom Volkov3Tomas Balezentis4Dalia Streimkiene5Department of Economics, Entrepreneurship and Finance, Faculty of the Humanities and Economics, Berdyansk State Pedagogical University, 4 Shmidt Str., 71112 Berdyansk, UkraineDepartment of Business, Faculty of Economics and Business Administration, Vilnius University, Sauletekio av. 9, 10222 Vilnius, LithuaniaFaculty of National Economy, University of Economics in Bratislava, Dolnozemska cesta 1, 85235 Bratislava, SlovakiaDivision of Farm and Enterprise Economics, Lithuanian Institute of Agrarian Economics, A. Vivulskio Str. 4A., 03221 Vilnius, LithuaniaDivision of Farm and Enterprise Economics, Lithuanian Institute of Agrarian Economics, A. Vivulskio Str. 4A., 03221 Vilnius, LithuaniaDivision of Farm and Enterprise Economics, Lithuanian Institute of Agrarian Economics, A. Vivulskio Str. 4A., 03221 Vilnius, LithuaniaThe present study deals with the modification of Wilson’s formulation by taking into account changes in the supply chain represented by the parameters of the model, namely varying delivery costs and price of goods stored. The four different models are presented. The proposed models avoid the main drawbacks of Wilson’s formulation—the constant price and reordering time—and discuss the case where varying parameters are used alongside discounting. The proposed models render lower costs under particular settings.https://www.mdpi.com/2073-8994/12/9/1512EOQWilson’s formulationlot sizereordering time
spellingShingle Tetyana Nestorenko
Mangirdas Morkunas
Jana Peliova
Artiom Volkov
Tomas Balezentis
Dalia Streimkiene
A New Model for Determining the EOQ under Changing Price Parameters and Reordering Time
Symmetry
EOQ
Wilson’s formulation
lot size
reordering time
title A New Model for Determining the EOQ under Changing Price Parameters and Reordering Time
title_full A New Model for Determining the EOQ under Changing Price Parameters and Reordering Time
title_fullStr A New Model for Determining the EOQ under Changing Price Parameters and Reordering Time
title_full_unstemmed A New Model for Determining the EOQ under Changing Price Parameters and Reordering Time
title_short A New Model for Determining the EOQ under Changing Price Parameters and Reordering Time
title_sort new model for determining the eoq under changing price parameters and reordering time
topic EOQ
Wilson’s formulation
lot size
reordering time
url https://www.mdpi.com/2073-8994/12/9/1512
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