EOQ AND EPQ MODELS FOR PROFIT MAXIMIZATION IN THE ANALYSIS OF AGRO-BASED PRODUCT INVENTORY MANAGEMENT

Debasmita Samal; Manas Ranjan Mishra; Abdul Kalam

Authors

Debasmita Samal Department of Mathematics, O P Jindal University, Raigarh, Chhattisgarh, India
Manas Ranjan Mishra Department of Mathematics, O P Jindal University, Raigarh, Chhattisgarh, India
Abdul Kalam Department of Mathematics, EATM, Bhubaneswar, Odisha, India

Keywords:

Economic Order Quantity, Economic Production Quantity, Profit Maximization, Inventory

Abstract

As agricultural products are perishable, managing the inventories of the industry focused on agriculture is a challenging task. The relevance and functionality of the EOQ and EPQ models are essential for this kind of stock to be effectively supervised. There are numerous industries whose success is reliant on how they provide goods and provide services at the right time and right place. Employ of different firms and different inventory management approaches to keep an eye on their inventory and avoid stock-outs and overstocks. The created EOQ inventory management model and EPQ model's characteristics are described, together with probable variables derived from the body of existing literature, in order to find solutions that would satisfy customers and maximize profits.

References

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XII. Debasmita Samal, Manas Ranjan Mishra and Abdul Kalam (2022), “Analysis of Inventory Management of Agro-based Industries using EOQ and EPQ Model with Profit Maximization”, International Journal of Scientific Research in Science and Technology (IJSRST), Volume 9 Issue 1, Jan 2022.

EOQ AND EPQ MODELS FOR PROFIT MAXIMIZATION IN THE ANALYSIS OF AGRO-BASED PRODUCT INVENTORY MANAGEMENT

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