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

Disney, Stephen Michael 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

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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: 08 Jul 2017 00:01
URI: http://orca.cf.ac.uk/id/eprint/19660

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