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Theory and Modern Applications

Table 1 EPQ model without deterioration

From: Arbitrary-order economic production quantity model with and without deterioration: generalized point of view

Notations

Units

Descriptions

\(c_{1}\)

/unit

Holding cost per unit time

\(c_{3}\)

/unit

Ordering cost per unit time

K

Units

Production rate per cycle

D

Units

Demand rate per cycle

T

Year

Total time cycle

\(t_{1}\)

Year

Production time

\(q_{\mathrm{max}}\)

Units

Highest level of inventory

TAC

/Year

Total average cost

\(\mathrm{TAC}_{\alpha ,\beta }\)

/Year

Total generalized average cost

α

Constant

The order of integration

β

Constant

The order of differention

Decision variable for integer-order model

T

Year

Total time cycle

Decision variable for arbitrary-order model

T

Year

Total time cycle

\(t_{1}\)

Year

Production time