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A Century of the EOQ

In: Handbook of EOQ Inventory Problems

Author

Listed:
  • Matthew J. Drake

    (Duquesne University)

  • Kathryn A. Marley

    (Duquesne University)

Abstract

When Ford W. Harris published his short three-page article developing the Economic Order Quantity (EOQ) model in 1913, he likely did not foresee that it would still be discussed and used 100 years later. Harris’ EOQ model was one of the first applications of mathematical modeling to guide managers in making business decisions, and it has spawned thousands of related studies over the past century that have built on its major foundations and insights. In this chapter we present a short history of the EOQ model by discussing the model itself, some practical issues about implementing the model, and major extensions to the basic model grouped by the dominant foci of each subsequent decade.

Suggested Citation

  • Matthew J. Drake & Kathryn A. Marley, 2014. "A Century of the EOQ," International Series in Operations Research & Management Science, in: Tsan-Ming Choi (ed.), Handbook of EOQ Inventory Problems, edition 127, pages 3-22, Springer.
    • Handle: RePEc:spr:isochp:978-1-4614-7639-9_1
    DOI: 10.1007/978-1-4614-7639-9_1
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    Cited by:

    1. Tianming Gao & Vasilii Erokhin & Aleksandr Arskiy, 2019. "Dynamic Optimization of Fuel and Logistics Costs as a Tool in Pursuing Economic Sustainability of a Farm," Sustainability, MDPI, vol. 11(19), pages 1-16, October.
    2. Pentico, David W. & Toews, Carl & Drake, Matthew J., 2015. "Approximating the EOQ with partial backordering at an exponential or rational rate by a constant or linearly changing rate," International Journal of Production Economics, Elsevier, vol. 162(C), pages 151-159.

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