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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Format: | Article |
Language: | English |
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MDPI AG
2020-09-01
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Series: | Symmetry |
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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. |
first_indexed | 2024-03-10T16:20:46Z |
format | Article |
id | doaj.art-9f810485f936427eb87d84da11bb22c0 |
institution | Directory Open Access Journal |
issn | 2073-8994 |
language | English |
last_indexed | 2024-03-10T16:20:46Z |
publishDate | 2020-09-01 |
publisher | MDPI AG |
record_format | Article |
series | Symmetry |
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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