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Title: EOQ, JIT and fixed costs in the ready-mixed concrete industry
Authors: Min, W.
Sui Pheng, L. 
Keywords: EOQ-JIT cost indifference point
Inventory facility
Price discount
Ready-mixed concrete
Issue Date: 2006
Citation: Min, W., Sui Pheng, L. (2006). EOQ, JIT and fixed costs in the ready-mixed concrete industry. International Journal of Production Economics 102 (1) : 167-180. ScholarBank@NUS Repository.
Abstract: The successful implementation of just-in-time (JIT) purchasing policy in many industries has prompted many companies that still use the economic order quantity (EOQ) purchasing policy to ponder if they should switch to the JIT purchasing policy. Despite existing studies that directly compare the costs between the EOQ and JIT purchasing systems, this decision is, however, still difficult to be made, especially when price discount has to be considered. JIT purchasing may not always be successful even though plants that adopted JIT operations have experienced or can take advantage of physical space reduction. Hence, the objective of this study is to expand on a classical EOQ with a price discount model to derive the EOQ-JIT cost indifference point. The objective was tested and achieved through a survey and case study conducted in the ready-mixed concrete industry in Singapore. © 2005 Elsevier B.V. All rights reserved.
Source Title: International Journal of Production Economics
ISSN: 09255273
DOI: 10.1016/j.ijpe.2005.03.002
Appears in Collections:Staff Publications

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