JIT purchasing vs. EOQ with a price discount: an analytical comparison of inventory costs

Article Abstract:

Just-in-time (JIT) technique is a more favorable inventory management approach than economic order quantity (EOQ) model technique for goods experiencing low demand. It also remains favorable when the range of demand is broad, which results when EOQ model has lower quantity discount rate and higher carrying cost, ordering cost and product value. On the other hand, EOQ model technique becomes a viable inventory management approach for goods having high consumer demand.

Inventory Control

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Simulation analysis of just-in-time production systems

Article Abstract:

A simulation model is developed and used to examine the performance of just-in-time production systems. The study investigates kanban withdrawal policies, demand variability, the effects of processing time, work-in process levels, and kanban station utilization. The effects of these operating factors are examined under the assumption that the distribution of processing times is based on gamma and Erlang distributions.

Usage, Simulation methods, Simulation

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