ABSTRACT
The earliest inventory model that is available in the literature is the economic order quantity (EOQ) model developed by Harris (1913). Since its introduction, Harris’s model has been the basis for many models in inventory management, supply chain management, and reverse logistics. The popularity of the EOQ model has been recognized by both academics and practitioners (e.g., Osteryoung et al. 1986). Some of the positive features attributed to the popularity of the EOQ model are its simple mathematics and the insensitivity of the total cost to changes in the order quantity (batch size). Despite its popularity, the EOQ model has been criticized by some
9.1 Introduction .................................................................................................. 199 9.2 Thermodynamics and Operations Research ................................................. 201 9.3 The Laws of Thermodynamics and the Concept of Entropy ........................202
