The EOQ Model of Hightech Product with Ramp Type Demand Rate and Delay Replenishment

Abstract

Abstract:

High-tech products, which are the results of the development of science and technology, play a very important role not only in developing the state economy, but also in improving people's living standards. High-tech products are characterized by ramp type demand rate and delay replenishment mainly influenced by the price and waiting time. Customers are classified into two groups, price preference and time preference, two kinds of delay replenishment functions are presented, and a relevant economic order quantity (EOQ) model is generated, and finally the effect of key parameters on order policy and total profit of high-tech products is analyzed by numerical simulation. The results demonstrate that demand growth factor, price sensitive factor and discount rate have greater effects on ordering times and service level than other factors, interval length of demand growth, the proportion of price preference customers have greater effect on service level than ordering times, and length of planning horizon has a greater effect on ordering times than service level.

Key words:

high-tech product, ramp type demand rate, delay replenishment, economic order quantity (EOQ)

LUO Bing1,2, LI Shumei1, ZHOU Lingyan1. The EOQ Model of Hightech Product with Ramp Type Demand Rate and Delay Replenishment[J]. Industrial Engineering Journal .

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