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The implementation of economic order quantity for reducing inventory cost: a case study in automotive industry

Riza M., Purba H. H., Mukhlisin

Research in Logistics & Production

2018

Vol. 8, No. 4

289--301

The EOQ model is one of the oldest classic production scheduling models. The EOQ mathematical models have been established within the scope of operations management to determine the optimal inventory level. The most widely used model is the EOQ model. This journal research uses descriptive research design. A survey was conducted on automotive components of a Japanese company in Indonesia. The company is one of the fastest growing industrial company among automotive component companies. The main products are copper materials used by the automotive industry for lamps, switches, electrical panel components two-wheeled vehicles and four-wheeled vehicles. The Japanese company seeks to meet increasing customer demand but on the other hand strive to obtain optimal inventory costs, as well as demand by parent companies in Japan for faster money turnover or otherwise known as Inventory Turnover Ratio (ITR) and must be in quantity minimum or small. This means the goods in the order must be as required.

The implementation of economic order quantity for reducing inventory cost

Riza M., Purba H. H., Mukhlisin

Research in Logistics & Production

2018

Vol. 8, No. 3

207--216

Inventory management is focused with ensuring that all activities involved in labor storage and stock control are carried out efficiently and economically by those working in inventory storage. Then, there is a question for management regarding the efficiency of inventory management procedures because of inconsistencies in inventory levels that cause weaknesses such as losses incurred due to end-inventory stocks, low stock inventories, failure to meet targets and poor corporate morale. As a result, the inventory storage of the company is too busy making the job a difficult supply keeper, late in issuing materials to the department and in turn producing poor inventory service delivery. In inventory management, Economic Order Quantity (EOQ) is the number of orders that minimize total holding costs and booking costs. The EOQ model is one of the oldest classic production scheduling models. The EOQ mathematical models have been established within the scope of operations management to determine the optimal inventory level. The most widely used model is the EOQ model.