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A multi‐item EOQ model with inventory cycle balancing

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  • Nicholas G. Hall

Abstract

This article concerns a multi‐item, infinite‐horizon, lot‐sizing problem, where the objective is to minimize a total cost function made up of reordering cost, holding cost, and a cost determined by peak inventory levels. By spreading inventory replenishments over the reordering cycle, the peak inventory level can be reduced. The model permits the derivation of simultaneously optimal solutions for the length of the cycle and the individual item replenishment times within the cycle. An alternative formulation, in which total storage capacity is modeled as a constraint, is also solved.

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  • Nicholas G. Hall, 1988. "A multi‐item EOQ model with inventory cycle balancing," Naval Research Logistics (NRL), John Wiley & Sons, vol. 35(3), pages 319-325, June.
    • Handle: RePEc:wly:navres:v:35:y:1988:i:3:p:319-325
    DOI: 10.1002/1520-6750(198806)35:33.0.CO;2-1
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    References listed on IDEAS

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    1. Salah E. Elmaghraby, 1978. "The Economic Lot Scheduling Problem (ELSP): Review and Extensions," Management Science, INFORMS, vol. 24(6), pages 587-598, February.
    2. Earl E. Bomberger, 1966. "A Dynamic Programming Approach to a Lot Size Scheduling Problem," Management Science, INFORMS, vol. 12(11), pages 778-784, July.
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    Cited by:

    1. Jackson, Jonathan E. & Munson, Charles L., 2019. "Common replenishment cycle order policies for multiple products with capacity expansion opportunities and quantity discounts," International Journal of Production Economics, Elsevier, vol. 218(C), pages 170-184.

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