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A Note on Economic Order Quantity Model
National University of Mongolia, Ulaanbaatar, Mongolia
National University of Mongolia, Ulaanbaatar, Mongolia
National University of Mongolia, Ulaanbaatar, Mongolia
- 1 National University of Mongolia, Ulaanbaatar, Mongolia
- 2 National University of Mongolia, Ulaanbaatar, Mongolia
- 3 National University of Mongolia, Ulaanbaatar, Mongolia
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Abstract
Economic Order Quantity ( EOQ ) model has been extended. We formulate EOQ model as a calculus of variations. This new extended problem is a simple optimal control problem with an unknown initial state. By solving this problem we generalize EOQ formula [1].
Keywords<i>EOQ</i>Cost MinimizationInventory Management
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