DETERMINATION OF ECONOMIC QUANTITY OF THE ORDER CONSIDERING TRANSPORTATION COSTS
Journal Title: Вестник Харьковского национального автомобильно-дорожного университета - Year 2018, Vol 81, Issue
Abstract
Problem. The task of determining the economic quantity of the order is the most crucial in inventory management systems. The quality of customer ser-vice, the level of service and the cost of service de-pend on accurate determination of this parameter. A review of studies on the solution of this prob-lem has shown that the analytical models currently used for determining the economic quantity of the order order are based on the assumption that re-plenishment costs are independent of the order quantity, which was made at the beginning of the last century. In addition, the storage costs do not take into account the immobilization of funds spent on purchasing the goods. These costs can be several times higher than actual warehouse storage costs. Therefore, considering complex interdependencies between replenishment and storage costs and the order quantity makes it possible to properly calcu-late inventory management costs and determine the economic quantity of the order more accurately. Goal. The goal of the work is to develop an analyti-cal model for determining the economic quantity of the order, which takes into account the dependence of replenishment costs and the costs associated with the immobilization of funds on the order quantity. Methodology. The analytical methods have been used for determining the influence of the order quantity on the costs involved in transporting a new shipment of goods to the warehouse, storage costs and the costs associated with the immobilization of funds spent on purchasing the goods. Results. The analytical model of economic quantity of the order has been developed. Originality. The developed ana-lytical model, in contrast to the previously obtained models, takes into account the complex relationship between the costs of replenishment and immobiliza-tion of funds on the one hand and the order quantity on the other hand. Practical value. The application of the developed analytical model provides more accurate calculation of the order quantity, which makes it possible to minimize inventory management costs while maintaining a guaranteed supply of cus-tomers.
Authors and Affiliations
N. Nefedov
Keywords
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