ABSTRACT:
Inventory classification of drugs and medicines using ABC-VED analysis is the most widely employed technique in the pharmacy department of private and government hospitals both. This paper studies the optimal order policy for the economic order quantity (EOQ) inventory model under limited budget constraint. The multi-item inventory problem to obtain the optimum EOQ level has been derived as non linear programming problem under limited budget and number of orders in a fixed period of time constraints. Numerical illustrations have been given for different models by using secondary data.
Cite this article:
Agrawal and Rohatgi (2016). Optimization of EOQ of Multi-Item Inventory Control Problem through Nonlinear Programming Technique. Journal of Ravishankar University (Part-B: Science), 29(3), pp.40-48.