• ISSN: 2301-3567 (Print), 2972-3981 (Online)
    • Abbreviated Title: J. Econ. Bus. Manag.
    • Frequency: Quarterly
    • DOI: 10.18178/JOEBM
    • Editor-in-Chief: Prof. Eunjin Hwang
    • Executive Editor: Ms. Fiona Chu
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HOME > Archive > 2019 > Volume 7 Number 2 (May 2019) >
JOEBM 2019 Vol.7(2): 83-86 ISSN: 2301-3567
DOI: 10.18178/joebm.2019.7.2.586

Modelling of the Economic Production Quantity under Two Stages of a Product Life Cycle

Bing-Chang Ouyang

Abstract—Considering a finite time horizon across multiple stages of a product life cycle, this study presents a production inventory model with multiple demand rates under a non-periodic policy. In real, the demand of the product life cycle is a non-linear function but this work assumes it as four-segment linear or constant approximations. In addition, a multiple-segment to be combined with linear or constant functions can be approximated a nonlinear function. This study does not focus on this, but it provides a simple algorithm to easily deal with this proposed inventory problems. Although our approach is a heuristics, our algorithm is better than the sum of two independent single-piece linear or constant models on the total cost’s performance. A general procedure for solving three demand types, including a piecewise linear, linear-constant and constant-linear trend in demand, is provided.

Index Terms—Economic production quantity (EPQ), linear trend in demand, multiple stages, product life cycle (PLC).

Bing-Chang Ouyang is with Department of Business Administration & Graduate School of Business and Management, Vanung University, Zhongli Dist., Taoyuan City, 32061, Taiwan, ROC (e-mail: ouyang@vnu.edu.tw).

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Cite:Bing-Chang Ouyang, "Modelling of the Economic Production Quantity under Two Stages of a Product Life Cycle," Journal of Economics, Business and Management vol. 7, no. 2, pp. 83-86, 2019.

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