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.
Journal of Ravishankar University - B,
29 (2&3) pp.40-48 (2016)
Optimization of EOQ of Multi-Item Inventory Control Problem through
Nonlinear Programming Technique
Suchita Agrawal and Prabha Rohatgi
School of studies in statistic, Pt.
Ravishankar Shukla University, Raipur-492010, India
Corresponding
author: rohatgi.prabha@gmail.com
[Received
23 January 2016; revised version 30 September 2016; accepted 28 August 2016]
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.
Keywords: ABC-VED inventory classification, non linear
programming technique, optimization of EOQ
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