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| Author: | Chan, W.M. Ibrahim, R.N. Lochert, P.B. |
| Title: | A new EPQ model: integrating lower pricing, rework and reject situations |
| Journal: | Production planning & control
2003 : OCT-NOV, VOL. 14:7, p. 588-595 |
| Index terms: | Inventory control Pricing Production Transport |
| Freeterms: | Economic production quantity |
| Language: | eng |
| Abstract: | The economic production quantity (EPQ) is a well-known and commonly used inventory control technique. It has been used for over 50 years to optimize lot sizes in transportation/production. The standard results are easy to apply but are based on a number of assumptions. A common assumption in the EPQ model is that all units produced are of perfect quality, this will underestimate the actual required quantity. Many researchers have studied the effects after relaxing this assumption on the EPQ model. The previous studies had considered that imperfect quality and defective items are either to be reworked instataneously and kept in stock or rejected at a cost. This paper provides a framework to integrate lower pricing, rework and reject situations into a single EPQ model. |
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