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Economic-Lot-Size Formulas in Manufacturing

Andrew Vazsonyi
Operations Research
Vol. 5, No. 1 (Feb., 1957), pp. 28-44
Published by: INFORMS
Stable URL: http://www.jstor.org/stable/166964
Page Count: 17
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Economic-Lot-Size Formulas in Manufacturing
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Abstract

Economic-lot-size formulas result in order quantities that minimize combined inventory and set-up (and ordering) costs. In manufacturing problems, economic-lot-size formulas may result in unrealizable schedules-in some production periods the shop may not be able to meet requirements, whereas at other times slack periods that result in idleness may occur. This paper describes a technique that permits the computation of order quantities so that requirements are met with available labor and machines. The technique involves a simple step-by-step computation particularly adaptable to electronic computers.

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