Small businesses require an efficient inventory system to maximize profit. The Economic Order Quantity model is a commonly used element of a continuous review inventory system. It is based on a ...

Most continuous time inventory models which allow for the stochastic nature of demands usually include a delivery lag. This disguises a close link between deterministic and stochastic formulations of ...

The optimal order quantity, also called the economic order quantity, is the most cost-effective amount of a product to purchase at a given time. It's an important calculation, because holding too much ...

As customers demand ever shortening delivery times, the business community face increasing challenges over how to maintain optimum stock levels. For expediency and completeness, supply chain ...