February 2016
Intermediate to advanced
480 pages
219h 58m
English
In this section, we introduce three inventory models that address two important questions: when to order and how much to order. These independent demand models are:
Basic economic order quantity (EOQ) model
Production order quantity model
Quantity discount model
The economic order quantity (EOQ) model is one of the most commonly used inventory-control techniques. This technique is relatively easy to use but is based on several assumptions:
Demand for an item is known, reasonably constant, and independent of decisions for other items. ...