The Comparative Study of EOQ Newsboy and Silver-Meal Method for SMEs Business

Lakkana Ruekkasaem

doi:10.4028/www.scientific.net/AMR.1044-1045.1807

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HomeAdvanced Materials ResearchAdvanced Materials Research Vols. 1044-1045The Comparative Study of EOQ Newsboy and...

The Comparative Study of EOQ Newsboy and Silver-Meal Method for SMEs Business

Abstract:

This study was conducted to determine an appropriate model to be used so that a cleanroom equipment company will be able to order a proper number of various types of products to serve the demand of customers at different periods of time. The case study had high inventory cost due to the fact that it could not order goods accordingly. The research compared the efficiency of Economic Ordering Quantity (EOQ), Newsboy Model and Silver-Meal Method to find the optimal order quantity model for this company. The results of the study indicated that the EOQ model (in case allowing for some inventory shortage) obtained the least inventory cost.

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Periodical:

Advanced Materials Research (Volumes 1044-1045)

Pages:

1807-1811

DOI:

https://doi.org/10.4028/www.scientific.net/AMR.1044-1045.1807

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Online since:

October 2014

Authors:

Lakkana Ruekkasaem*

Keywords:

EOQ, Inventory Management, Newsboy Model, Silver-Meal Method

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