Effects of errors in the demand and cost parameters in the EOQ model of stock control.
The objective of this research paper is to evaluate the resilience of the Economic Order Quantity (EOQ) model towards errors or changes in its decision parameters. It is our intention to first discuss the basic theory of the EOQ model before going in depth to review the various parameters in the EOQ...
| Main Authors: | , , |
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| Other Authors: | |
| Format: | Final Year Project (FYP) |
| Published: |
2008
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/10716 |
| Summary: | The objective of this research paper is to evaluate the resilience of the Economic Order Quantity (EOQ) model towards errors or changes in its decision parameters. It is our intention to first discuss the basic theory of the EOQ model before going in depth to review the various parameters in the EOQ formula. The paper will comprise of two main parts: the literature review from chapter 1 to 5 and the analysis on the sensitivity of the EOQ model in chapter 6 followed by a conclusion. |
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