TITLE:
A Note on Economic Order Quantity Model
AUTHORS:
N. Tungalag, M. Erdenebat, R. Enkhbat
KEYWORDS:
EOQ, Cost Minimization, Inventory Management
JOURNAL NAME:
iBusiness,
Vol.9 No.4,
December
6,
2017
ABSTRACT: Economic Order Quantity (EOQ) model has been extended. We
formulate EOQ model
as a calculus of variations. This new extended problem is a simple optimal
control problem with an unknown initial state. By solving this problem we
generalize EOQ formula [1].