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EOQ with a correlated binomial supply
No full textThis paper considers a variant of the economic order quantity (EOQ) model under random supply. A binomial supply model is adopted where every item received is of imperfect quality with the same probability. We study the realistic case where the qualities of items in an order are correlated and draw useful insights, the most interesting of which is that correlation decreases the order size. Several practical correlation patterns are investigated and discussed. We also show that several commonly used models in the literature can be represented by an equivalent correlated binomial supply model. © 2013 Elsevier B.V. All rights reserved.Avriel M., 2003, NONLINEAR PROGRAMMIN; Babich V, 2007, MandSOM-MANUF SERV OP, V9, P123, DOI 10.1287-msom.1060.0122; Chang HC, 2004, COMPUT OPER RES, V31, P2079, DOI 10.1016-S0305-0548(03)00166-7; Cheng CS, 1997, INT J PROD RES, V35, P667, DOI 10.1080-002075497195650; Freimer M, 2006, EUR J OPER RES, V173, P241, DOI 10.1016-j.ejor.2004.11.024; GERCHAK Y, 1992, INT J PROD ECON, V26, P297, DOI 10.1016-0925-5273(92)90078-L; Goyal SK, 2002, INT J PROD ECON, V77, P85, DOI 10.1016-S0925-5273(01)00203-1; GROSFELDNIR A, 1993, MANAGE SCI, V39, P650, DOI 10.1287-mnsc.39.5.650; Huang CK, 2004, INT J PROD ECON, V91, P91, DOI 10.1016-S0925-5273(03)00220-2; Karlin S., 1958, STUDIES MATH THEORY; Khan M, 2011, INT J PROD ECON, V132, P1, DOI 10.1016-j.ijpe.2011.03.009; LEVITAN RE, 1960, MANAGE SCI, V6, P172, DOI 10.1287-mnsc.6.2.172; Maddah B, 2008, INT J PROD ECON, V112, P808, DOI 10.1016-j.ijpe.2007.07.003; Maddah B, 2010, INT J PROD ECON, V124, P340, DOI 10.1016-j.ijpe.2009.11.029; Maddah B, 2009, APPL MATH MODEL, V33, P1997, DOI 10.1016-j.apm.2008.05.009; Maddah B, 2010, COMPUT IND ENG, V58, P691, DOI 10.1016-j.cie.2010.01.014; Papachristos S, 2006, INT J PROD ECON, V100, P148, DOI 10.1016-j.ijpe.2004.11.004; PORTEUS EL, 1986, OPER RES, V34, P137, DOI 10.1287-opre.34.1.137; Purintrapiban U, 2012, COMPUT IND ENG, V62, P1093, DOI 10.1016-j.cie.2012.01.002; ROSENBLATT MJ, 1986, IIE TRANS, V18, P48, DOI 10.1080-07408178608975329; Ross Sheldon M., 1996, STOCHASTIC PROCESSES; Salameh MK, 2000, INT J PROD ECON, V64, P59, DOI 10.1016-S0925-5273(99)00044-4; Sepheri M., 1986, IIE T, V18, P63; SHIH W, 1980, INT J PROD RES, V18, P677, DOI 10.1080-00207548008919699; Silver E. A., 1976, INFOR. Canadian Journal of Operational Research and Information Processing, V14; Wright CM, 1998, OMEGA-INT J MANAGE S, V26, P29, DOI 10.1016-S0305-0483(97)00042-X; Yan XM, 2012, INT J PROD ECON, V139, P302, DOI 10.1016-j.ijpe.2012.05.013; YANO CA, 1995, OPER RES, V43, P311, DOI 10.1287-opre.43.2.311; Yu JB, 2008, INT J PROD RES, V46, P5907, DOI 10.1080-0020754070135872934
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