Optimization of Plastic Packaging Production Planning Using Economic Production Quantity
Journal Title: International Journal of Social Science And Human Research - Year 2024, Vol 7, Issue 08
Abstract
Competition in the industrial world demands that companies be more meticulous in determining the optimal production quantity to increase profitability and maintain consumer demand. The aim of this research is to establish the optimal production quantity and minimize total production costs using the Economic Production Quantity (EPQ) method. The EPQ method can be utilized to determine the optimal inventory quantity when a company manufactures its own goods. This study employs secondary data sourced from previous research using different methods. The data used consists of financial records from CV. XYZ spanning from February 2021 to January 2022. By applying the Single-Item Economic Production Quantity (EPQ) method at CV. XYZ, the optimal production quantity for each cycle was determined to be 273 balls, with an optimal number of cycles per year being 44 cycles. In addition, cost savings of 12.3% per year were obtained compared to the production cost before using the EOQ method.
Authors and Affiliations
Juanri Pardede, Kartika Sari, Ni Ketut Tari Tastrawati, Desak Putu Eka Nilakusmawati
Keywords
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- EP ID EP742837
- DOI 10.47191/ijsshr/v7-i08-39
- Views 18
- Downloads 0
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