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A New Model for Determining the EOQ under Changing Price Parameters and Reordering Time


The present study deals with the modification of Wilson’s formulation by taking into account changes in the supply chain represented by the parameters of the model, namely varying delivery costs and price of goods stored. The four different models are presented. The proposed models avoid the main drawbacks of Wilson’s formulation—the constant price and reordering time—and discuss the case where varying parameters are used alongside discounting. The proposed models render lower costs under particular settings.


Keywords: EOQ; Wilson’s formulation; lot size; reordering time



Nestorenko, T.; Morkunas, M.; Peliova, J.; Volkov, A.; Balezentis, T.; Streimkiene, D. 2020. A New Model for Determining the EOQ under Changing Price Parameters and Reordering Time. Symmetry, Vol. 12, Issue 9, 1512; EISSN 2073-8994; https://doi.org/10.3390/sym12091512; [Chemical Abstracts (ACS); Current Contents - Physical, Chemical & Earth Sciences (Clarivate Analytics); dblp Computer Science Bibliography (Universität Trier); DOAJ - Directory of Open Access Journals; Genamics JournalSeek; HINARI (WHO); Inspec (IET); INSPIRE-HEP Search (High-Energy Physics Literature Database); io-port (FIZ Karlsruhe); Journal Citation Reports / Science Edition (Clarivate Analytics); Julkaisufoorumi Publication Forum (Federation of Finnish Learned Societies); Norwegian Register for Scientific Journals, Series and Publishers (NSD); Science Citation Index Expanded - Web of Science (Clarivate Analytics); Scopus (Elsevier); Web of Science (Clarivate Analytics)].


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