The publication describes two ways of shopping, taking into account the CPI (Consumer Price Index) inflation rate. In the first case, changes in the sales price are made in a continuous manner in accordance with the inflation rate, and therefore it is better to make larger purchases. In the second case, it is better to carry out smaller purchases, because it is characterized by one-time adjustment of sales prices to the entire purchased a lot of goods. Both cases were verified based on the Solver tool, using non-linear, integer-based optimization. The final result was to determine the optimal purchase quantities with the minimum inventory costs.
If the inline PDF is not rendering correctly, you can download the PDF file here.
Alfares HK., Ghaithan AM. (2019). EOQ and EPQ Production-Inventory Models with Variable Holding Cost: State-of-the-Art Review. Arabian Journal for Science and Engineering. Volume: 44 Issue: 3.
Bannerman, P.L.(2008). Risk and risk management in software projects: A reassessment. American Economic Journal-Microeconomics. No 81.
Boskin M. J., Dulberger E. R, Gordon R. J.(1998). Griliches Zvi, and Jorgenson Dale W. (1998).Consumer Prices, the Consumer Price Index, and the Cost of Living. Journal of Economic Perspectives. Volume 12. No 1.
Chua P, Chung Kun-Jen, Shaw-Ping Lanc. (1998). Economic Order Quantity of deteriorating items under permissible delay in payments. Computers & Operations Research. Volume 25, Issue 10.
Cinzia M. (2016). An EOQ model for perishable products with fixed shelf life under stochastic demand conditions. European Journal of Operational Research 255. p. 388-396.
Chanda U., Kumar A. (2019). Optimization of EOQ Model for New Products Under Multi-Stage Adoption Process. International Journal of Innovation and Technology Management. Volume: 16 Issue: 2.
Chung Kun-Jen. (1998). A theorem on the determination of Economic Order Quantity under conditions of permissible delay in payments. Computers & Operations Research. Volume 25, Issue 1.
Dewi EK., Dahlui M., Chalidyanto D., Rochmah TN. (2019). Achieving cost-efficient management of drug supply via Economic Order Quantity and minimum-maximum stock level. Expert Review of pharmacoeconomics & outcomes research.
Eksler L., Aviram R., Elalouf A., Kamble A. (2019). An EOQ model for multiple products with varying degrees of Substitutability.Economics-The Open Access Open-Assessment E-journal. volume: 13.
Eroglu A, Gultekin O. (2007). An Economic Order Quantity model with defective items and shortages. International Journal of Production Economics. Volume 106, Issue 2.
Diewert, W. E. (1998). Index Number Issues in the Consumer Price Index. Journal of Economic Perspectives. Volume 12, No 1.
Huang Yung-Fu. (2007). Economic Order Quantity under conditionally permissible delay in payments. European Journal of Operational Research.
Karimi M., Sadjadi SJ., Bijaghini AG. (2019). An Economic Order Quantity for deteriorating items with allowable rework of deteriorated products. Journal of Industrial and Management Optimization, volume: 15 issue: 4.
Krommyda IP., Skouri K., Lagodimos AG. (2019). A unified EOQ model with financial constraints and market tolerance. Applied Mathematical Modelling. Volume: 65.
Kundu A., Guchhait P., Panigrahi, G., Maiti M. (2019).An EOQ model for deteriorating item with promotional effort and credit linked demand. European Journal of Industrial Engineering. Volume: 13 Issue: 3.
Lin SSC. (2019). Note on “The derivation of EOQ/EPQ inventory models with two backorders costs using analytic geometry and algebra”. Applied Mathematical Modelling. volume: 73.
Meyer B., Zaman S. (2019). The usefulness of the median CPI in Bayesian VARs used for macroeconomic forecasting and policy. Empirical Economics. Volume: 57. Issue: 2.
Michalski G. (2008). Value-based Inventory Management, Romanian Journal of Economic Forecasting.
Moon I, Lee S. (2000). The effects of inflation and time-value of money on an economic order quantity model with a random product life cycle. European Journal of Operational Research.
Pando V., San-Jose LA., Sicilia J. (2019). Profitability ratio maximization in an inventory model with stock-dependent demand rate and non-linear holding cost. Applied Mathematical Modelling. Volume: 66.
Pollak R. A. (1998). The Consumer Price Index: A Research Agenda and Three Proposals. Journal of Economic Perspectives. Volume 12, No 1.
Rezaei J, Negin S. (2012). Economic Order Quantity and purchasing price for items with imperfect quality when inspection shifts from buyer to supplier. International Journal of Production Economics.
Tajbakhsh M., Chi-Guhn L., Zolfaghari S. (2010). Sole sourcing in EOQ models with Binomial yield. Journal of Purchasing and Supply Management. Volume 16, Issue 3.
Tomanek M., Juricek J. (2015). Project risk management model based on Prince2 and scrum frameworks. International Journal of Software Engineering & Applications (IJSEA).Vol.6, No.1.
Tripathy P. K, Pattnaik M. (2011). A Fuzzy EOQ Model with Reliability and Demand-Dependent Unit Cost. International Journal of Contemporary Mathematical Sciences. Vol. 6, No. 30.
Vujošević M., Petrović D., Petrović R. (1996). EOQ formula when inventory cost is fuzzy. International Journal of Production Economics Volume 45, Issues 1-3, 1, Pages 499-504.
Krzyżaniak S. (2002). Basics of Inventory Management in Examples. Poznań: Biblioteka Logistyka, ILiM.
Sarjusz-Wolski Z. (1998). Supply Management Strategy. Warszawa: Agencja Wydawnicza Planet.
Ślaski P. (2017). Inventory Management in Logistic Systems. Warszawa: WAT.