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Economic-Lot-Size Formulas in Manufacturing

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  • Andrew Vazsonyi

    (Ramo-Wooldridge Corporation, Los Angeles, California)

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.

Suggested Citation

  • Andrew Vazsonyi, 1957. "Economic-Lot-Size Formulas in Manufacturing," Operations Research, INFORMS, vol. 5(1), pages 28-44, February.
    • Handle: RePEc:inm:oropre:v:5:y:1957:i:1:p:28-44
    DOI: 10.1287/opre.5.1.28
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