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Economic order quantity (EOQ), also known as financial purchase quantity or economic buying quantity, [citation needed] is the order quantity that minimizes the total holding costs and ordering costs in inventory management. It is one of the oldest classical production scheduling models.
The dynamic lot-size model in inventory theory, is a generalization of the economic order quantity model that takes into account that demand for the product varies over time. The model was introduced by Harvey M. Wagner and Thomson M. Whitin in 1958. [1] [2]
In the first example provided above, the sex of the patient would be a nuisance variable. For example, consider if the drug was a diet pill and the researchers wanted to test the effect of the diet pills on weight loss. The explanatory variable is the diet pill and the response variable is the amount of weight loss.
The benefit of these formulas is that the first absorbs all overheads of production and raw material costs into a value of inventory for reporting. The second formula then creates the new start point for the next period and gives a figure to be subtracted from the sales price to determine some form of sales-margin figure.
The EOQ model was developed by Ford W. Harris in 1913, but R. H. Wilson, a consultant who applied it extensively, and K. Andler are given credit for their in-depth analysis. Aggterleky described the optimal planning planes and the meaning of under and over planning, and the influence of the reduction of total cost.
The reorder point (ROP), also reorder level (ROL) or "optimal re-order level", [1] is the level of inventory which triggers an action to replenish that particular inventory. It is a minimum amount of an item which a firm holds in stock, such that, when stock falls to this amount, the item must be reordered.
EOQ may refer to: Economic order quantity (also known as EOQ Model), an economic model for inventory management European Organization for Quality , European organization acting for the development and management of quality in its widest sense
It was a useful indexing method for technical manuals before computerized full text search became common. For example, a search query including all of the words in an example definition ("KWIC is an acronym for Key Word In Context, the most common format for concordance lines") and the Wikipedia slogan in English ("the free encyclopedia ...