On the Lambert W function: Economic Order Quantity applications and pedagogical considerations

Disney, Stephen Michael ORCID: https://orcid.org/0000-0003-2505-9271 and Warburton, Roger D. H. 2012. On the Lambert W function: Economic Order Quantity applications and pedagogical considerations. International Journal of Production Economics 140 (2) , pp. 756-764. 10.1016/j.ijpe.2011.02.027

Preview

PDF - Accepted Post-Print Version Download (384kB) | Preview

Abstract

We illustrate the use of the Lambert W function by analysing two Economic Order Quantity (EOQ) scenarios: an EOQ model with perishable inventory; and a Net Present Value analysis of an EOQ problem with trim loss. Both scenarios are motivated by real-world situations. Via these two examples, we reflect upon the pedagogical aspects of using the Lambert W function. We present a Lambert W function ‘look-up’ table for classroom use and a Microsoft Excel ‘Add-In’ for self-study and practical use. We also illustrate the use of the Laplace transform to conduct NPV analyses of the EOQ model.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics) Centre for Advanced Manufacturing Systems At Cardiff (CAMSAC)
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HG Finance Q Science > QA Mathematics Q Science > QA Mathematics > QA75 Electronic computers. Computer science Q Science > QA Mathematics > QA76 Computer software
Uncontrolled Keywords:	Lambert W function ; Economic Order Quantity ; Net Present Value ; Perishable inventory ; Trim loss
Additional Information:	Pdf uploaded in accordance with publisher's policy at http://www.sherpa.ac.uk/romeo/issn/0925-5273/ (accessed 01/07/2014)
Publisher:	Elsevier
ISSN:	0925-5273
Date of First Compliant Deposit:	30 March 2016
Last Modified:	26 Nov 2024 02:15
URI:	https://orca.cardiff.ac.uk/id/eprint/19660

Citation Data

Cited 16 times in Scopus. View in Scopus. Powered By Scopus® Data

Actions (repository staff only)

Edit Item