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Applications to Production and Inventory

  • Suresh P. Sethi
Chapter

Abstract

Applications of optimization methods to production and inventory problems date back at least to the classical EOQ (Economic Order Quantity) model or the lot size formula of Harris (1913) . The EOQ is essentially a static model in the sense that the demand is constant and only a stationary solution is sought. A dynamic version of the lot size model was analyzed by Wagner and Whitin (1958) . The solution methodology used there was dynamic programming.

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© Springer Nature Switzerland AG 2019

Authors and Affiliations

  • Suresh P. Sethi
    • 1
  1. 1.Jindal School of Management, SM30University of Texas at DallasRichardsonUSA

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