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Parameter estimation for the EOQ lot‐size model: Minimax and expected value choices

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  • Timothy J. Lowe
  • Leroy B. Schwarz

Abstract

This article provides formulas for estimating the parameters to be used in the basic EOQ lot‐size model. The analysis assumes that the true values of these parameters are unknown over known ranges and perhaps nonstationary over time. Two measures of estimator “goodness” are derived from EOQ sensitivity analysis. Formulas are given for computing the minimax choice and the minimum expected value choice for the parameter estimates using both measures of estimator “goodness”. A numerical example is included.

Suggested Citation

  • Timothy J. Lowe & Leroy B. Schwarz, 1983. "Parameter estimation for the EOQ lot‐size model: Minimax and expected value choices," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 30(2), pages 367-376, June.
    • Handle: RePEc:wly:navlog:v:30:y:1983:i:2:p:367-376
    DOI: 10.1002/nav.3800300217
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    Cited by:

    1. Geoffrey A. Chua & Yan Liu, 2019. "Sensitivity analysis on responsive pricing and production under imperfect demand updating," Naval Research Logistics (NRL), John Wiley & Sons, vol. 66(7), pages 529-546, October.
    2. Khurram Rehmani & Afshan Naseem & Yasir Ahmad & Muhammad Zeeshan Mirza & Tasweer Hussain Syed, 2021. "Development of a hybrid framework for inventory leanness in Technical Services Organizations," PLOS ONE, Public Library of Science, vol. 16(2), pages 1-13, February.

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