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Looking at the Future of Industrial Engineering in Europe Read chapter Read first chapter

2014 | OriginalPaper | Chapter

Estimating Costs in the EOQ Formula

Authors : Pilar I. Vidal-Carreras, Jose P. Garcia-Sabater, Maria Valero-Herrero, Cristina Santandreu-Mascarell

Published in: Managing Complexity

Publisher: Springer International Publishing

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Abstract

The EOQ formula (Harris, Fact Mag Manage 10(2):135-6-152, 1913) provides a balance between setup costs and holding costs in the system. This formula has been widely developed in the literature. However in the industrial reality, it is often difficult to know the exact value of these setup and holding costs. In this paper, we develop a formula to estimate lot size from the values known in the company. It is verified that the behavior of these formulas meets expectations.

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previous chapter Set-up Continuity in Tactical Planning of Semi-Continuous Industrial Processes
next chapter Order Promising Process for Supply Chains with Lack of Homogeneity in the Product
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Metadata
Title
Estimating Costs in the EOQ Formula
Authors
Pilar I. Vidal-Carreras
Jose P. Garcia-Sabater
Maria Valero-Herrero
Cristina Santandreu-Mascarell
Copyright Year
2014
Book
Managing Complexity

Print ISBN: 978-3-319-04704-1

Electronic ISBN: 978-3-319-04705-8

Copyright Year: 2014

DOI
https://doi.org/10.1007/978-3-319-04705-8_20