
OPTIMIZING ENERGY EFFICIENCY: A STUDY OF ECONOMIC PRODUCTION QUANTITY AND JOINT ECONOMIC LOT SIZING STRATEGIES
Abstract
This study investigates strategies for optimizing energy efficiency in production processes through the analysis of Economic Production Quantity (EPQ) and Joint Economic Lot Sizing (JELS) methods. Energy consumption is a critical consideration in modern manufacturing, impacting both environmental sustainability and operational costs. By examining the application of EPQ and JELS strategies, this research explores how businesses can minimize energy usage while maximizing production efficiency. Through mathematical modeling and simulation, the study evaluates the trade-offs between production quantity, inventory management, and energy consumption. Key findings highlight the potential for significant energy savings through the implementation of optimized production and inventory policies. Insights gained from this research can inform decision-makers and practitioners seeking to enhance sustainability and cost-effectiveness in manufacturing operations.
Keywords
Energy Efficiency, Economic Production Quantity, Joint Economic Lot Sizing
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