Open AccessAnalysis of Inventory Management of Agro-based Industries using EOQ and EPQ Model with Profit Maximization
Author(s) -
Debasmita Samal,
Manas Ranjan Mishra,
Abdul Kalam
Publication year - 2022
Publication title -
international journal of scientific research in science and technology
Language(s) - English
Resource type - Journals
eISSN - 2395-602X
pISSN - 2395-6011
DOI - 10.32628/ijsrst229127
Subject(s) - economic order quantity , inventory control , inventory management , profit maximization , profit (economics) , operations research , maximization , business , perpetual inventory , operations management , computer science , inventory theory , economics , microeconomics , marketing , mathematics , supply chain
Due to the perishable nature of agricultural product the Inventory management of Agro-based industry is a challenging tax. EOQ model and EPQ model has its importance & role for proper management of this category of Inventory. The success of many industries is related to their ability to provide goods and services at right time and in right place. Different organization adopt different inventory control methods to manage their inventory to avoid stock-out and overstock. This paper analyses possible parameters of existing literature, concentration, description of characteristics and of EOQ inventory control model and EPQ model that have been developed and can solve the Problem in this field & will provide maximum profit with the customer satisfaction.