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A Century of the EOQ

Part of the International Series in Operations Research & Management Science book series (ISOR,volume 197)

Abstract

When Ford W. Harris published his short three-page article developing the Economic Order Quantity (EOQ) model in 1913, he likely did not foresee that it would still be discussed and used 100 years later. Harris’ EOQ model was one of the first applications of mathematical modeling to guide managers in making business decisions, and it has spawned thousands of related studies over the past century that have built on its major foundations and insights. In this chapter we present a short history of the EOQ model by discussing the model itself, some practical issues about implementing the model, and major extensions to the basic model grouped by the dominant foci of each subsequent decade.

Keywords

  • Supply Chain
  • Order Quantity
  • Inventory Control
  • Economic Order Quantity
  • Quantity Discount

These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Drake, M.J., Marley, K.A. (2014). A Century of the EOQ. In: Choi, TM. (eds) Handbook of EOQ Inventory Problems. International Series in Operations Research & Management Science, vol 197. Springer, Boston, MA. https://doi.org/10.1007/978-1-4614-7639-9_1

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