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EOQ extensions exploiting the Lambert W function

Author

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  • Roger D.H. Warburton

Abstract

We analyse several extensions to the Economic Order Quantity (EOQ) model: when the inventory deteriorates over time; when the demand contains a stock dependent term; and when the present value, or discounted cost, is included. We derive exact analytical expressions for the order that minimises the total cost, and in each case the Lambert W function arises, adding to the growing list of useful applications for this recently rediscovered function. The analytical solutions have immediate practical and pedagogic applications. [Received 06 September 2007; Revised 13 January 2008; Accepted 01 April 2008]

Suggested Citation

  • Roger D.H. Warburton, 2009. "EOQ extensions exploiting the Lambert W function," European Journal of Industrial Engineering, Inderscience Enterprises Ltd, vol. 3(1), pages 45-69.
    • Handle: RePEc:ids:eujine:v:3:y:2009:i:1:p:45-69
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    Cited by:

    1. Bakker, Monique & Riezebos, Jan & Teunter, Ruud H., 2012. "Review of inventory systems with deterioration since 2001," European Journal of Operational Research, Elsevier, vol. 221(2), pages 275-284.
    2. Disney, Stephen M. & Warburton, Roger D.H., 2012. "On the Lambert W function: Economic Order Quantity applications and pedagogical considerations," International Journal of Production Economics, Elsevier, vol. 140(2), pages 756-764.

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