Although some recent articles have extended the traditionaleconomic order quantity models to JIT purchasing, their value is limitedby the simplistic nature of the underlying assumptions. Implementationof JIT procurement is a lengthy and complex process and it is importantto recognize the interrelationships between the investments in thedifferent subsystems of the procurement system to suit JIT and theresultant cost and lead time structures. It is also important o considerthe variability in demand and lead time. Presents aninventorytheoretical model that takes these considerations into accountand illustrates its application with a numerical example. This modelfacilitates the choice of an optimal combination of the investment andthe shipment lot size to minimize the total annual cost in each periodas a firm progressively adopts JIT procurement.
International Journal of Operations & Production Management – Emerald Publishing
Published: Jun 1, 1993
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