Handbook of EOQ Inventory Problems Stochastic and Deterministic Mode
The Economic Order Quantity (EOQ) inventory model first appeared in 1913, and in its centennial, it is still one of the most important inventory models. Despite the abundance of both classical and new research results, there was (until now) no compr
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Tsan-Ming Choi Editor
Handbook of EOQ Inventory Problems Stochastic and Deterministic Models and Applications
International Series in Operations Research & Management Science Volume 197
Series Editor Frederick S. Hillier, Stanford University, CA, USA Special Editorial Consultant Camille C. Price, Stephen F. Austin State University, TX, USA
For further volumes: http://www.springer.com/series/6161
Tsan-Ming Choi Editor
Handbook of EOQ Inventory Problems Stochastic and Deterministic Models and Applications
123
Editor Tsan-Ming Choi Institute of Textiles and Clothing The Hong Kong Polytechnic University Hung Hom, Kowloon Hong Kong SAR
ISSN 0884-8289 ISBN 978-1-4614-7638-2 DOI 10.1007/978-1-4614-7639-9
ISBN 978-1-4614-7639-9
(eBook)
Springer New York Heidelberg Dordrecht London Library of Congress Control Number: 2013943716 Ó Springer Science+Business Media New York 2014 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Preface
Inventory management is a critical factor which accounts for the success or failure of modern businesses in all kinds of industries. By far the best known inventory model is the classical ‘‘square root formula’’ of the economic order quantity (EOQ) model. The widely recognized first piece of research on the EOQ model appeared a cen
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