Economic Production Quantity (EPQ) Explained
In this keynote video we will explain the Economic Production Quantity. The Economic Order Quantity (EOQ) model determines the order size at which the sum of the total inventory and ordering costs is lowest. It assumes, amongst other things, that the order is delivered in one single batch. If instead, the order is delivered incrementally in a series of smaller batches, then the Economic Production Quantity (EPQ) model determines the optimal lot size. This situation is applicable to the production shop floor. The EOQ ordering costs are replaced by the setup costs. The EPQ is also known as the EMQ (Manufacturing), or the EBQ (Batch). 00:00 - Start Keynote 00:27 - Objectives of the EPQ Model 01:13 - Value Stream Mapping & Analysis 02:12 - Constructing the EPQ Inventory Profile 03:32 - Deriving the EPQ Formula 04:37 - Graphical Explanation of the EPQ 05:17 - Sensitivity Analysis of EPQ vs EOQ
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