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A model for comparative analysis of inventory costs of JIT and EOQ purchasing in the ready mixed concrete industry

Wu, M. and Xu, M.Z. (2006) A model for comparative analysis of inventory costs of JIT and EOQ purchasing in the ready mixed concrete industry. Materials Science Forum, 532-533. pp. 1020-1023. ISSN 1662-9752

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To link to this article DOI: 10.4028/www.scientific.net/MSF.532-533.1020

Abstract/Summary

A model for comparing the inventory costs of purchasing under the economic order quantity (EOQ) system and the just-in-time (JIT) order purchasing system in existing literature concluded that JIT purchasing was virtually always the preferable inventory ordering system especially at high level of annual demand. By expanding the classical EOQ model, this paper shows that it is possible for the EOQ system to be more cost effective than the JIT system once the inventory demand approaches the EOQ-JIT cost indifference point. The case study conducted in the ready-mixed concrete industry in Singapore supported this proposition.

Item Type:Article
Refereed:Yes
Divisions:Faculty of Science > School of Construction Management and Engineering
ID Code:12446
Uncontrolled Keywords:Cost Indifference Point, EOQ, JIT, Ready-Mixed Concrete

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