Master EPQ model for optimal production

Effective inventory management is essential for most businesses' successful operations and supply chains. This is because inventory management impacts operations, marketing, and finance. Poor inventory management hampers operations diminish customer satisfaction, and increases operating costs.
Here we will learn the inventory ordering policies.
Inventory ordering policies address the two basic issues of inventory management, which are how much to order and when to order.
A number of models are described that are used for these issues.
Inventory that is intended to meet expected demand is known as cycle stock, while inventory that is held to reduce the probability of experiencing a stockout (i.e., running out of stock) due to demand and/or lead time variability is known as safety stock.
The discussion begins with the issue of how much to order.
The question of how much to order can be determined by using an economic order quantity (or EOQ) model. E O Q models identify the optimal order quantity by minimizing the sum of certain annual costs that vary with order size and order frequency. Three order size models are described here:
The basic economic order quantity model.
The economic production quantity model.
The quantity discount model.
The economic production quantity model (EPQ model) is explained in this video by solving an example and a problem
Knowing how much to order or the production lot size is an essential issue in production planning.
You can obtain this piece of information using the economic production quantity model. This model is widely used in production. Even in assembly operations, portions of the work are done in batches.
This model is extensively explained in here video with an example and solved problem.
To watch more solved problems click the following link:
• EPQ solved problems

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[@andreporter595]

My teacher gave us a PowerPoint with information but without a lecture. Thank you so much for this video it really helps explain things. You got yourself a new follower!

[@AlJazariedu]

You welcome. If you need more explanation contact me.

[@manishv9816]

Funny when the computer ready after substituting numerical value in the equations lol

[@AlJazariedu]

😀

[@lovenaruto1981]

Great
💯

[@AlJazariedu]

Thank you! Cheers!

[@Pj-kq2tg]

I need a solution for each problem.

[@AlJazariedu]

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Private tutorials are available upon request.

[@romalenmalacao5804]

Meaning of production quantity model?

[@AlJazariedu]

The model describes the lot production cycle and is used to mathematically find the lot size that leads to minimum total inventory cost.

[@zahrasobih9222]

I need the solution of problems 8 and 9.

[@AlJazariedu]

Contact me by email to arrange this.

[@satvikdixit]

Which book ??

[@AlJazariedu]

@@satvikdixit Operations management book written by William Stevenson and published by McGraw Hill

[@satvikdixit]

@@AlJazariedu can u plz make a video on EOQ with shortage 😐

[@AlJazariedu]

Sure

[@user-zm6ot3vo2z]

e-salam wale-kum bhaijaan

[@AlJazariedu]

وعليكم السلام ورحمة الله

[@sunzidhossainshopno4490]

You just Go through the Operation Management By William. J. Stevenson's Book's Every line... try to teach on your own way. Don't Copy others..😊

[@AlJazariedu]

Thanks for your feedback.

[@AlJazariedu]

Watch this video, it may help you,
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